Evernote Raises $70 Million At A $1 Billion Valuation
Evernote has raised a $70 million Series D round of funding at a $1 billion valuation. Meritech Capital and CBC Capital lead the round because these companies could eventually help the company go public. Evernote did not even need this round of funding because a lot of the $96 million that they have raised from the previous round is still left over in their bank account, plus they have one million paying customers out of their 25 million users.
Evernote will use the Series D round of funding for international expansion including pushing into China. They also plan to use the funding for acquisitions, business account development, and hiring additional talent.
“This funding keeps is us in the sweet spot to take risks. This is the most creative stage for the company,” stated Evernote CEO Phil Libin in an interview with TechCrunch. Other investors that participated in this round include T. Rowe Price, Harbor Pacific Capital, Allen & Company, and several others.
Evernote has several products on the desktop and on mobile devices to help you remember things. Some of their products include Skitch, Web Clipper, Evernote Hello, Evernote Food, Evernote Clearly, and Evernote Peek.
Libin said that this round is not about Evernote becoming worth $1 billion today. ”I agree with our very wise investors. I think that Evernote as a publicly traded company could be worth $10 billion, $100 billion or more,” said Libin.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry