Evernote is a personal data and productivity application that has over 45 million users. The company has raised another $85 million in funding. Around $63.75 million of that amount is in the form of a secondary investment. Evernote’s valuation is now at around $2 billion.
Evernote has now raised a total of $251 million. AGC Equity Partners, m8 Capital, Valiant Capital, and T. Rowe Price participated in this round. Evernote did not raise this round because they needed cash. They raised the funding “to decouple liquidity from exit” and to focus less on “external market conditions.” It helps reduce any pressures for an exit from existing shareholders by reducing their stake in the company.
“By giving early shareholders the opportunity to sell some of their holdings, we reduce the pressure to exit while at the same time forging relationships with important new long-term investors who can help shepherd the company to, through, and beyond an eventual IPO,” stated Evernote CEO Phil Libin in a blog post. “As we’ve talked about in the past, there is no exit strategy at Evernote,” he added “Our goal is to build a permanently meaningful and enduring company; a hundred year startup.”