• Evernote

  Participated · Series C · Oct 2010

  Evernote offers a note-taking and document-organizing app that surfaces contextual content alongside users' notes via features like Context. The company has been building a content discovery play to increase user engagement, similar to strategies used by Facebook and Twitter. Evernote has significant traction in Japan, with roughly 20% of users and 30% of revenue coming from that market, and says the Japanese aesthetic influences its long-term approach. Evernote has indicated it is considering an IPO within the next few years. The company is expanding language support for Context, with full Japanese-language support on Mac and iOS and planned expansion to Android and Windows. Evernote has partnered with media organizations to feed third-party articles into Context for premium and business subscribers. Evernote is a note-taking and personal data app used by 45 million users. The company aims to become a central repository for personal information and has launched Evernote Business alongside its consumer product. To support that platform ambition, Evernote released updated iOS and Android SDKs: the iOS SDK now natively supports the Yinxiang Biji China service and Evernote Business, while Android received a broad rewrite with Business and China support planned for the next update. The SDK updates include sample code for photo notes, Business APIs, shared notes, and multiple bug and memory-leak fixes. Engineers Mustafa Furniturewala (iOS) and Ty Smith (Android) led the respective SDK efforts, which add utility classes, Obj-C categories, migration to a Library Project, OAuth activity support, Maven integration, backgrounding of blocking requests, and UI updates. Evernote offers web and mobile apps for saving notes, web clips, files and images and syncing them across devices, with features that combine saved content for intelligent access. The company sells premium subscriptions for additional storage and has over one million paying customers among 25 million+ users; conversion to premium is under 0.5% in month one and rises over time, with the oldest users nearly 25% paid. Evernote has made acquisitions (including Skitch), opened offices globally, and has tripled registered and active users in recent months. Management plans to use new funding for international expansion (including a China push), strategic acquisitions, development of business accounts and other features, and hiring developers, designers, QA, and support. CEO Phil Libin says the financing is intended to prepare Evernote for an eventual IPO within a few years and to give the company room to take risks while focusing on product quality. The company also reported it still holds much of the $96M it had raised to date in the bank. Evernote provides a cross-platform note-taking and content-capture service that lets users snip pictures, save web pages, and type text notes, with heavy users organizing content later using tags and metadata. The product is used across devices—75% of users access Evernote on more than one platform and 50% on more than two—and new apps like Peek continue to drive awareness. User growth is steady: the company grew from 10 million users in June to 11 million by the time of the article. Evernote is already profitable and had not spent the proceeds from its prior $20 million round, giving it a substantial cash position. The company plans to use new capital to fuel growth, including upcoming acquisitions, and to support long-term aspirations articulated by CEO Phil Libin to create “a 100 year company.” Morgenthaler has deepened its involvement by assigning partner Ken Gullicksen to head Evernote’s corporate development efforts. Evernote is billed as a service that “helps the world remember everything,” offering about thirteen desktop, mobile and browser clients for capturing meeting notes, wine labels, shopping lists and more. The company had attracted close to 5 million users worldwide in less than two and a half years and was adding more than 10,000 new users per day in the two months prior to the article. Evernote has released major updates to most clients, added partners, and increased revenue from Premium subscriptions to the point where it can fund day-to-day operations. CEO Phil Libin said the company will build more features, fix bugs, add more devices, expand into more countries, and pursue corporate and educational users while exploring new markets and opportunities. Evernote describes a broader ambition to grow from a memory solution into a “global platform for human memory” and a trusted, permanent destination for lifetime memories.

No current team members are available.