Evernote raised $70m in a series D investment round led by Meritech Capital and CBC Capital. The company says it will use the financing to expand into new vertical markets, acquire companies and pursue international expansion.
Evernote tripled its user base to 30m users in the past year. This latest round of funding places a $1bn valuation on the company, according to TechCrunch.
“Our goal is to build Evernote to be a hundred-year company that delivers a lifetime of value to our users,” says Phil Libin, CEO of Evernote. “This financing provides a solid step in this direction by allowing us to build better products, grow our international presence and expand the platform with strategic acquisitions. We are honored to have the guidance and support of such an experienced group of investors.”
Craig Sherman, managing director of Meritech Capital, adds: “It’s rare that we encounter companies like Evernote. They have an incredible product, a fantastic team, an adoring user base, a long-term vision, and a durable business model. They’re already the greatest productivity tool introduced in the past decade, and they’re only getting started. The company is perfectly positioned to actively enter new verticals, new categories and new regions. I’ve been a devoted Evernote user since they launched and we’re thrilled to be a part of Evernote’s next stage of growth.”
The investment round also included participation from funds and accounts managed by T. Rowe Price Associates, Harbor Pacific Capital, Allen & Co. and other investors.