Productivity app Evernote on Friday announced closing an $85 million round of financing led by London-based AGC Equity Partners/m8 Capital with participation from Valiant Capital Partners and prior investors. Evernote CEO Phil Libin said in a blog post the company has “no exit strategy,” but that the new investment nevertheless would help shepherd Evernote toward an eventual IPO.
Three quarters of the latest round is a secondary investment—stock sold by existing investors—aimed at reducing the pressure to go public or sell itself, Libin noted. The company had previously raised $70 million last year, bringing the total to $251 million, according to CrunchBase data. That investors will want to see a return at some point.