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Evernote raises $70M, valued as a $1B company

The set of organizational apps that are already profitable are picking investors to lead them to IPO

Technology trends and news by Krystal Peak
May 3, 2012 | Comments
Short URL: http://vator.tv/n/2667

The collections of apps that help organize notes, website links and other information you don't want lost in the ether, Evernote, has jut raised a $70 million Series D round of funding at a $1 billion valuation.

We reported rumblings just two weeks ago that a big funding round and $1 billion valuation was being whispered about in Silicon Valley and now CEO of Evernote, Phil Libin has confirmed it via his blog.

Meritech Capital and CBC Capital were chosen to lead the round because they’re the firms that can help Evernote prepare for an IPO in just a matter of a few years, according to Libin.

This round brings Evernote's funding to $165.5 million -- most of which was raised in the last round from Sequoia Capital and Morgenthalier Ventures that totaled $50 million back in July 2011. 

Mountain View, Ca-based Evernote, whose slogan is Remember Everything, launched in June 2008, and was founded by CEO Libin and Stepan Pachikov. 

By April 2011, the company was already making $1 million a month in sales and by July 2011 the company was already profitable. In August, Evernote purchased Skitch, an app that allows users to added sketches or notes to their photo, though the terms of the deal were not disclosed.

In July 2011, Evernote touted that it had 11 million users, with that number growing to 20 million by December. Now the app help 30 million people stay organized on their mobile device, PC and Web browsers.

The company plans to use the new cash to fund international expansion, including a push into China, strategic acquisitions, and the development of business accounts.

The company seems to be striding confidently towards its inevitable IPO by focusing on improving the product, growing its user base, and showing its profitability in a consumer tech market where that factor has wained.

"Our goal is to build Evernote to be a hundred-year company that delivers a lifetime of value to our users," said Phil Libin, CEO of Evernote, in his blog. 

Currently Evernote is hiring in it offices in California, Texas, Tokyo, Beijing, and Zurich. 

 

 


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