News

Evernote raises $20 million, led by Sequoia Capital

Evernote raises $20 million, led by Sequoia Capital

Posted by Phil Libin on 19 Oct 2010

Posted by Phil Libin on 19 Oct 2010

Comment

Things are moving quickly at Evernote. Thanks to our amazing users, partners, employees and investors, we’ve built a thriving business with self-sustaining revenue and a solid organic growth path. In just the past two months, we’ve signed up more than 10,000 new users each and every day, released major new updates to most of our clients, added more than a dozen new partners and increased revenue from Premium subscriptions to the point where it can fund all of our normal day-to-day operations. We weren’t sure if we could go any faster. Well, we just found the turbo button.

Today’s announcement of our $20 million series “C” funding led by Sequoia Capital means that we now have the resources to significantly expand and improve our service in ways that would have taken years to achieve organically. We’ll build more features, add more devices, fix more bugs, expand into more countries, and make Evernote indispensable to more types of users (including corporate and educational folk).

We’ll take this $20 million, combine it with the more than $9 million that we still have from last year’s “B” round, and put it all back into the product. Plus, a Super Bowl ad. Plus, better lunch for the office. Plus, a ticket to the International Space Station. Minus, the Super Bowl ad and the space station ticket.

Roelof Botha from Sequoia will be joining the Evernote team as an advisor and board observer. Roelof helped build a bunch of great Internet companies, including PayPal, YouTube, Eventbrite, Unity, Meebo and Xoom. We’re frankly blown away just to appear on the same list as those guys.

Our current investors, including Morgenthaler Ventures, Troika Dialog and DOCOMO Capital are also participating in the round, and we’re humbled by their continuing support.

Of course, Roelof and Sequoia know something about building platforms and that’s the real reason why we’re so excited to be working with them. We’re going to grow Evernote from a solution that helps you remember everything to the global platform for human memory. Our goal is to become the trusted, permanent and ubiquitous destination for all of your lifetime memories. This has always been our plan, and now we have the resources to make it happen. It’s going to be a difficult and long (and awesome) journey and we are counting on you, Evernote users, for continued guidance. We got this far because of your support.

Thank you!

Things are moving pretty quickly at Evernote. They’re about to start moving even faster.

[Read the press release: Evernote Secures $20 Million Series C Financing Round Led by Sequoia Capital]

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40 Comments RSS

  • Rick Lobrecht

    Congratulations Phil and the whole Evernote team. I’m looking forward to seeing what this funding injection brings to the platform.

  • Charlie N. Browning

    Congrats Evernote Friends! Keep up the great work, I’ve been a paying customer for over a year now and I’m happy about it every day. Thanks for adding new features and capabilities continually. I’m adding Site Memory to my sites soon.

    Congrats!!!

  • Bill

    Do you now have enough to update the Palm/HP webOS application?

  • Heidi - Botanical PaperWorks

    Congrats Evernote. Wishing you much success in the future!

  • John DeBoer

    Congrats! I’m happy for you and for what it’ll mean for me. Already Evernote is an intragral part of my day and helps me to keep organized.

    I’d love to see you add some text snippet functionality. I’m envisioning a bar that I could add to the side of my screen which could auto-hide until I hover over it. Then whenever I want to grab a snippet of text I could just drag from this bar to any program.

    By the way, as much as I love Evernote I’m a little angry with you. I found your application while searching to see if anybody had come up with this idea yet. I was going to make millions but you beat me to it. Grrrr. Congrats

    John

  • Lucia Giacomantonio

    Go team Evernote! Congratulations.

  • Chris

    Congrats and all, but if there’s one thing I would ask for before more you start going crazy with feature-addition, it would be that you streamline and improve the performance of the various clients out there. I would personally prefer the Windows desktop and iPhone versions to come first, but I’m prejudiced that way I guess :)

    Not that there’s anything wrong with the clients as they are now, but I think there are some potential changes you could make to each client to keep them from getting bogged down by bloat, or at least make their interfaces a bit more intuitive. THEN start getting some cool new features in there!

  • Woland

    Congrats! Evernote is great. Good luck growing your business and enhancing the product!

  • Alan Williams

    Congratulations guys. Great achievement! I can’t live without Evernote so this is good news for me to hear.

    _Alan

  • Susie

    Congratulations. This is great news & VERY exciting.

    “Our goal is to become the trusted, permanent and ubiquitous destination for all of your lifetime memories.”

    I’m very happy to hear this. I’m entrusting you with many, many things I’m wanting to remember. (Even if I don’t remember why I wanted to remember it.)

  • Nick Wynja

    Congrats team!

  • Aze

    Congrats! Evernote is really fantastic product!

  • Sergey

    Troika Dialog, I know this company. It’s the Russian.

  • Craig Blum

    Cool!! Couldn’t happen to a better product and better bunch of folks. Hopefully, they will be able to fit their swollen heads inside the podcast after this. Looking forward to the creative changes that I know will be coming.

  • Helene James

    Congratulations. I tell my friends and my family that they should use Evernote….. I really appreciate the services offered by Evernote…Keep the good work going.

  • Steve

    Guys–You are really breaking out and making some history. Wow! Congratulations. I couldn’t be a more raving fan. Well, I guess I could be a premium subscriber…ahem. Seriously, this is fantastic news.

  • Jason Barone

    Congrats!!!!!!!!!!!!!! Love Evernote, I recommend it to everyone. Keep on rockin!

  • Santi

    Congrats! I’m starting to rely on Evernote for so many things like mood-boarding, blogging, writing, etc. so I can’t wait to see how you make my everyday creative life even smoother! And if it’s not too tacky to ask for something here: Voice notes please! :) Anyway, keep being awesome.

  • Sterling Zumbrunn

    Great news – huge vote of confidence in the platform. Can’t wait to see where it goes next.

  • Charles

    I want to be excited about this but I have seen funding come and go and so many desires of the users go ignored. Some of these things are basic functionality with little or no explanation of why you all can’t get add it. So I am glad you got the money but do not expect to see much improvement to the product on the web version or other places.

  • Chip

    Linux.

    Linux support. It’s not that hard, and it matters.

    Please, Linux.

  • xbeta(善用佳软)

    good news.

  • Alexander

    Things are moving quickly but why there are so many updates!? Develop, test, test, test and test and then update!

  • Ciaran Downey

    Well done. It’s an excellent product and I look forward to turning premium, and hopefully taking some people in my office here, with me. Gotta love the Tap pic. Oh, and more podcasts please. Continued success, guys.

  • Thomas Ilk

    Awesome news – I’m really looking forward to the new features.
    Evernote is simply the greatest tool on earth and together with my 200 Moleskines it’s indispensable for me.

  • Jim Franklin

    Less is more. Keep it simple.

    • Tim Condon

      Concur strongly with Jim. Very important: Avoid feature-bloat! K.I.S.S.

  • Murat Kayi

    loving the super bowl ad idea, though…^^

  • Steve B

    Great work, you have an amazing product.

  • TonyC

    Congrats Team.. you should be proud… now, will any of those millions go towards subfolders? (I have to ask)

  • Jejoma

    Great news. Does that mean you will at last start supporting that missing 40% of the world’s smart phone users? I mean those on the Symbian OS.

  • Steve - Wandtattoo

    Congratulations to the Evernote team – so move in the right way – but not to fast! Congratulations once again!

    Steve

  • Alexandre Mandarino

    Congartulations. And by the way: Opera 11 will have extensions (hint, hint).

  • Schooner

    I’ll be there on IPO day, provided the new money can resist the urge to tart it up with neon & noise. I want to see evernote slick, simple, universal, robust, secure.

  • Tim Condon

    Great news guys. Now BEWARE: K.I.S.S.

    Avoid feature-bloat!

  • Nick P

    Great news Evernote! Really? Lunches are getting better? Is there a shared notebook with all the ‘before C funding’ lunches and the ‘after C funding’ lunches?
    Agree with Chris. Performance is degrading on my windows client with every folder or note I add. It has a larger footprint than most Microsoft products!!!
    Please keep performance in mind when introducing new features.
    Thanks, EN! Love ya!

  • Leonardo Toco

    Great news!

    Please think on adding subfolders/subnotebooks and agree with other users that it doesn’t even have to be more than 2-3 deep.

    Listen your almost 99% happy clients (having subfolders will bring more 101% happiness) and avoid them having to look for other options.

    I am a monthly Premium user considering a yearly subscription just waiting for this feature to arrive.

  • Renfrew

    This is great news. Here comes a proposal:

    Why not tap into the financial resources of the great EVERNOTE community ??

    I’d be more than happy to buy shares from EN and thus contribute to the further growth and development of EN.
    Ever thought about this ??

    Why not give us faithful supporters some kind of an entry path to participate in this financially ??

  • brian

    Congrats Evernote Friends! Great article. Thanks for sharing. I always love checking this site out from time to time. Great work!

  • Mia

    “This one goes to 11″

    LOVE IT! Congrats guys. I use this site every day in law school to help me keep track of obscene amounts of key phrases.