News

Evernote Raises $85 Million in Primary and Secondary Financing

Posted by Phil Libin on 30 Nov 2012

Posted by Phil Libin on 30 Nov 2012

Comment

I’m happy to say that we’ve just closed an $85 million round of funding. This round is led by London-based AGC Equity Partners/m8 Capital with participation from Valiant Capital Partners and existing investors including funds and accounts managed by T.Rowe Price Associates, Inc. Seventy five percent of this money comes in the form of a secondary investment, which means that the stock is being sold by existing investors and shareholders, while the rest is going to Evernote in a primary round.

As we’ve talked about in the past, there is no exit strategy at Evernote. Our goal is to build a permanently meaningful and enduring company; a hundred year startup. In order to accomplish this, we have to separate liquidity from exit. This latest round is another step on this journey. By giving early shareholders the opportunity to sell some of their holdings, we reduce the pressure to exit while at the same time forging relationships with important new long-term investors who can help shepherd the company to, through, and beyond an eventual IPO.

The additional funds brought in from the primary portion of this round will make sure that Evernote can continue to focus all of our energy on building the best possible products, without being distracted by external market conditions. It’s nice to have this extra peace of mind, even if we don’t strictly need it.

I’m humbled by, and grateful for, the support we’ve received from all of our users, employees, partners and investors. In particular, I’m happy to welcome AGC Equity Partners/m8 Capital and Valiant Capital Partners to the Evernote team. Thank you for your confidence.

Premium

Evernote Premium

Upgrade for features to help you live and work smarter.

Go Premium
View more stories in 'News'

3 Comments RSS

  • Liz Carlson

    Congratulations! :)

    Best advice I’ve ever heard from a startup founder: “The product is the message.” – Phil Libin

  • Thomas Getchius

    Thank you for your transparency and for your continued commitment to your “100 year start-up”!

  • Lazza

    Nice. :-) There are no more excuses for not building an official Linux client. :-)