Deals

Evernote nabs $50M for expansion and acquisitions

Evernote, logo
Enterprise companies tackle mobile marketing automation slightly differently—and that's why they're on top. Register today for this free VB Insight webinar with AEG's VP of Social and Marketing on May 28th.

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.