Evernote nabs $50M for expansion and acquisitions

Evernote, logo
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Evernote, logoNote-taking service Evernote has secured a $50 million funding round, the company announced Wednesday.

The Mountain View, California-based startup said it plans to use the new funds to aggressively expand its operations and acquire companies that will increase growth of its note-taking service.

Evernote’s service, which allows individuals to easily capture notes on a variety of devices, has 11 million users and a community of over 5,000 third-party application developers. The service has nearly doubled its user base since January 2011. Also, over 400,000 of its customers pay a $5 monthly fee for a premium Evernote subscription that enables larger uploads and better collaborative tools.

“Even though we’ve built a profitable and successful business in the past three years, we still have a long way to go to achieve our goal of becoming everyone’s second brain,” said Evernote CEO Phil Libin in a press release.

Founded in 2007, Evernote has raised $95.5 million total funding to date. The latest $50 million round was led by Sequoia Capital with participation from Morgenthaler Ventures.