It was announced late yesterday that Evernote has secured an additional $70 million in private equity for its operations. Led through financing from Meritech Capital and CBC Capital, the new round of funding aims for a company valuation of $1 billion, an impressive number for the notetaking software developer.
Evernote is a suite of applications that aims to help users remember everything. At present, the company’s user base is approximately 30 million after tripling in only a year. In a statement about their investment, Craig Sherman, managing director of Meritech Capital, praised Evernote for having “an incredible product, a fantastic team, an adoring user base, a long-term vision, and a durable business model.”
According to Evernote’s CEO Phil Libin, raising capital was seen as a priority for the company to attain the freedom and focus to expand their operations and to move to overseas markets, especially China. With this new round of funding, says Mr. Libin, they will not be “distracted by anything for the next several years.” In other words, the funds are a hedge against any contingencies, so that Evernote can stay “100% focused on building the best products and providing the best user experience.” You can check out the full press release here.
Phil Libin will be one of our distinguished guests and keynote speakers at GMIC2012. He will be speaking at the Mainstage Event on the morning of May 10th at 11:15am. Additionally, Mr. Libin will be participating in the G-Startup Event at 2:30PM, offering his advice during a Fireside chat on the topic of “Where to Launch Your Startup in Asia.”