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Evernote raises $50 mn led by Sequoia Capital; plans expansions and acquisitions

US-based online note-taking and archiving service Evernote
has received $50 million funding led by Sequoia Capital, with participation
from Morgenthaler Ventures. The new funds will be put towards an acquisition
strategy centered on expanding the company’s offerings. Roelof Botha of Sequoia

US-based online note-taking and archiving service Evernote
has received $50 million funding led by Sequoia Capital, with participation
from Morgenthaler Ventures. The new funds will be put towards an acquisition
strategy centered on expanding the company’s offerings. Roelof Botha of Sequoia
Capital will now become a full member of Evernote’s Board of Directors. The company has also 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.

In 2007, Evernote received $3 million in angel funding,
which was followed by a Series A funding of $6.5 million in 2009. Again, in
2009, Evernote received $10M in Series B funding and the company last raised $20M
in Series C funding in 2010. Evernote currently has 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 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. 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,” said Phil Libin, CEO,
Evernote.

 “People are
flocking to Evernote and, more importantly, are intensely loyal and active
users of the service. 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,” said
Roelof Botha, Partner at Sequoia Capital.

“It’s rare to see a company develop so many
high quality products, rapidly grow its user base into the millions and become
profitable in such a short period of time. This is a testament to Evernote’s
leadership and team,” said Ken Gullicksen, Vice President of Corporate
Development, adding, “With the right strategic decisions, Evernote is in a
position to go from popular app to fundamental technology. I’m thrilled to come
onboard and be a part of the company’s next phase.”

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