Another day, another startup gets its first $1 billion valuation. The latest honor goes to note-taking and digital archiving app Evernote, which just closed a $70 million Series D round of funding led by Meritech Capital and CBC Capital. And it’s a good thing, because “they’re the firms that can help Evernote prepare for an eventual IPO,” suggests TechCrunch. Not that Evernote needs the money.
“It still has much of the $96 million that it’s raised to date in the bank plus over 1 million paying customers out of its 25 million+ users,” according to TechCrunch. Yet, the new funds could come in handy if and when market conditions take a turn for the worse. In the words of CEO Phil Libin: “This funding keeps is us in the sweet spot to take risks.” What’s more, as Libin tells TechCrunch: This is the most creative stage for the company.”
Going forward, the name of the game for Evernote is expansion, including a big push into China, along with strategic acquisitions, the development of business accounts and other features. The company will also need to splurge on some bright minds to help keep the company ahead of the curve. Libin recently confirmed the fast approaching 30 million registered users.