Evernote Raises $70 Million at a $1 Billion Valuation

Evernote, the company known for its notetaking and archiving apps, announced a $70 million Series D investment led by Meritech Capital and CBC Capital at a $1 billion valuation.

“I am both proud and humbled (if you don’t think this combination is possible, try raising $70 million) that some of the world’s best late-stage investors have decided to help Evernote in our quest,” Wrote CEO Phil Libin in a blog post this morning. Other participants included funds and accounts managed by T. Rowe Price Associates, Inc., Harbor Pacific Capital, and Allen & Company.

The company has raised $166 million to date. This latest round will go toward growing Evernote’s user base in China and other markets, acquiring other companies, and expanding the service with new verticals that the company has yet to disclose.

Evernote currently allows users to organize their documents, pictures, notes (typed, written, or recorded), and snippets from around the Web; and makes them searchable by keyword. At the end of April, its user base totaled more than 25 million registered users, with 1 million of them paying for premium features.

TechCrunch reports that the privately-owned company is headed for an IPO in the near future. Said Libin, “Our goal is to build Evernote to be a hundred-year company.”

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Image by monbibi via Shutterstock.