Evernote raised $70 million in a Series D round of financing at a $1 billion valuation, the company announced Thursday.This funding, which was led by Maritech Capital and CBC Capital, is in addition to the $96 million that Evernote had already raised in previous rounds.
Evernote’s CEO Phil Libin explained in a post online that the extra money allows the company to continue taking risks and expanding operations without having to worry as much about changes to the market.
“Most importantly, we wanted to have the resources on hand to ensure that we don’t get distracted by anything for the next several years,” Libin wrote. “Whatever happens in the economy or the market, we can stay 100% focused on building the best products and providing the best user experience.”
According to Libin, Evernote will use the money to make acquisitions, expand internationally and accelerate the pace of product improvements. This should only make Evernote more competitive going forward. The company’s size has already been tripling on an annual basis and the service is adding about 40,000 users each day.
The latest round of funding falls a little short of what we’d been hearing before. Business Insider previously reported that Evernote had raised $100 million in Series D funding at a $1 billion valuation.
TechCrunch scored an interview with Libin about the news. Click here to check it out.