Wednesday, July 13, 2011

Evernote Raises $50MM from Sequoia and Morgenthaler

From Company's PR: "Evernote, the company that's helping the world remember everything, announced a new, $50 million round of funding led by Sequoia Capital, with participation from Morgenthaler Ventures. The new funds will be put towards an aggressive growth and acquisition strategy centered on expanding the company's offerings. Roelof Botha of Sequoia Capital will transition from an observer seat to becoming a full member of Evernote's Board of Directors.

In just three years, Evernote has grown to over 11 million users by allowing individuals to easily capture their life's work using any computer, phone or tablet. The company also has a large, worldwide developer community comprised of over five thousand developers building Evernote-integrated applications, services and devices.

"The fast pace of our organic growth, adding more than a million users in just the past month, shows that people really want to manage and simplify their lives," said Phil Libin, CEO of Evernote. "And 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. Having this new investment, and Sequoia Capital as a full business partner, will allow us to improve and multiply our products in exciting ways."

"People are flocking to Evernote and, more importantly, are intensely loyal and active users of the service," said Roelof Botha, Partner at Sequoia Capital. "Phil and his team exemplify what can occur when a compelling and distinctive product, that consumers happily pay for, is matched with a rapidly growing market in mobile computing. Evernote is a true cross-platform, cross-geo service that delights its users everywhere."

In order to expand its offering, Evernote has hired Ken Gullicksen to lead its corporate development and acquisition strategy. Prior to joining Evernote, Ken was a partner at Morgenthaler Ventures and served on the board of numerous technology companies, including Evernote."

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