Investment will be used for ambitious product development and expansion into new markets
Mountain View, Calif.—October 19, 2010—Evernote, the service designed to help the world remember everything, today announced a $20 million Series C investment round led by new investor Sequoia Capital. Existing shareholders, including Morgenthaler Ventures, DOCOMO Capital and Troika Dialog will also participate. Evernote will use the new funds for rapid product development and expansion into new market segments. Roelof Botha, Partner at Sequoia Capital, will join the Evernote Board of Directors as an observer.
Evernote has grown to more than 4.7 million users worldwide in less than two and a half years by allowing individuals to easily save and find their ideas, things they see and things they like. The award-winning service gives its users the choice of thirteen different desktop, mobile and browser options for capturing their memories. From meeting notes to shopping lists to webpages to wine labels, everything a person wishes to remember can be saved in Evernote.
"This is an amazing time in Evernote's short history. We're building great products, growing faster than ever and are solidly on the path to profitability. Having Roelof Botha and the Sequoia Capital team on our side will help Evernote capitalize on this momentum," said Phil Libin, CEO of Evernote. "Our growing revenue and strong financial footing coming into this round allow us to put this money towards an ambitious growth plan. Evernote users can expect more of everything they love, all while we explore new markets and new opportunities."
"Evernote's success shows that there is a major market demand for products that help us make sense of our over-saturated lives, said Roelof Botha, partner at Sequoia Capital. In a very short time, Evernote has changed the way users interact with all of their devices, and the way they keep what's important to them close at hand. With nearly 5 million users, they have also proven the viability of a freemium business model. We're excited to be a partner in the company's continued ascent.