Evernote raises $50M to help become your 'second brain'
The note-taking company will use money to grow and develop an acquisition strategy, even though it hasn't really been burning through its cash.
Boonsri Dickinson is a multimedia journalist who covers science, technology, and start-ups. She is a contributing editor at CBS SmartPlanet, and her work has appeared in Wired, New Scientist, Technology Review, and Discover magazine. E-mail Boonsri.
The popular note-taking service Evernote today announced it has raised $50 million in a new round of funding by Sequoia Capital and Morgenthaler Ventures to develop a growth and acquisition strategy.
"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," Phil Libin, CEO of Evernote said in a statement.
Ken Gullicksen, vice president of corporate development of Evernote, will head the development and acquisition strategy.
Since the software company's inception, Evernote has grown to 11 million users--adding a million in the past month. Evernote lets you save anything you'd like from a business card to a picture. Just record everything, so when you want to recall it, you can just search it later. Evernote uses a freemium business model. While most use the free service, the conversion rate from free to paid accounts has been better than planned.
It is a cross-platform technology that lets users have access to their work on any tablet, phone or computer. The company says it also has a developer community of more than 5,000.
Sequoia partner Roelof Botha, who has joined the Evernote board as a full member, said in a company blog post that "some of the money will go to long-term investors and shareholders. The rest we'll spend on improving and expanding our products." The previous round of funding was $20 million in October, but most of the money is still "sitting in the bank."
If you've never used Evernote before, perhaps CNET's Rafe Needleman will convert you. Needleman previously discussed all things Evernote on his CNET to the Rescue show, because he loves it so much.