Evernote Raises $50 Million To Buy Its Way Into Becoming “Your Virtual Brain”

phil libin evernote
Evernote CEO Phil Libin

[credit provider=”Teymur Madjderey on Flickr” url=”http://www.flickr.com/photos/icedsoul/5248797953/”]

Evernote, the useful note-taking app, has raised $50 million from Sequoia Capital and Morgenthaler Ventures. It says it will use the money for expansion and, interestingly, acquisitions. Evernote wants to be “your external brain,” and is well on its way.

By all accounts, the company is crushing it. It now has 11 million users, adding 1 million in just the past month. And it’s still very small compared to its market opportunity: anyone who has an internet connected device and takes notes is a potential user, so the sky is pretty much the limit for them.

Evernote is also a business success, profitable based on its freemium subscription model. In fact, Evernote has become a case study in the freemium business model, with its CEO Phil Libin sharing stats openly on how to make freemium work.

Don’t Miss Our Explainer On The Freemium Business Model →