Evernote has raised $50 million in funding in a round led by repeat investor Sequoia Capital, with participation by Morgenthaler Ventures.
Cash from the round will be used for acquisitions. It will also be taken off the table and go to long-term investors and shareholders, CEO and founder Phil Libin says.
The substantial round comes just nine months after the now 3-year-old social note-taking startup secured $20 million in a Series C round. Altogether, Evernote has raised nearly $100 million in financing. It’s shooting to become “a hundred year company,” Libin says.
Libin also says the startup has nearly all of the cash it raised in its past two rounds still on hand. “We donât need to raise more money, but weâre always happy to take more if it opens up strategic options for us and helps us grow even faster,” says Libin. “You know the saying that the best time to raise money is when you donât really need it? Think of this as a test.”
“We want Evernote to be the trusted second brain for all your lifetime memories,” he says, “and the best way to do that is to build a big, strong, independent company.”
Evernote is also announcing Wednesday that it has added an additional million users to its platform in the past month, which brings the grand total to more than 11 million users.
Images courtesy of Flickr, technovore and velo_city
More About: evernote, funding, Morgenthaler Ventures, sequoia capital
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