Evernote, the company that made famous the tag line ‘Remember Everything,’ announced a $50 million funding round spearheaded by Sequoia Capital together with Morgenthaler Ventures. Coming on the tail of a major mobile update, Evernote’s ready to take things to the next level. The purpose of the funding is to expand its reach from the ‘freenium’ services it currently offers, to a platform that can be used to sell services. But just like other major companies, Evernote will have a soft launch of the expansion through their very first Evernote Trunk conference, which will only cater to its 200 attendees. The event is set to happen in later this summer.
“The fast pace of our organic growth, adding more than a million users in just the past month, shows that people really want to manage and simplify their lives,” said Phil Libin, CEO of Evernote.
“And 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. Having this new investment and Sequoia Capital as a full business partner will allow us to improve and multiply our products in exciting ways.”
Evernote also secured Ken Gullickson, a former partner from Morgenthaler Vantures to be Evernote’s Vice President of Corporate Development.
In another area of the personal cloud sector Dropbox is rumored to be in talks with multiple investors, looking at a whopping $200-300 million funding. Sources are also leaking that the valuation of Dropbox is between $5-10 billion, a bit far from earlier predictions of $2 billion valuation. Springpad, another Evernote competitor, also released an update for the iOS which makes it more convenient to use through push notifications.
Digital storage is getting big as it frees you from having to carry thumb drives or external hard disks everywhere. What we’re seeing in this industry is more innovation around putting individualized data to use, making it mobile and accessible, and generating value around each point of interaction. Evernote’s been a leader in this regard, and will surely come out with some interesting products in the coming months.