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- Evernote
Evernote Acquisition, Valuation, Funding & Investors
Evernote was acquired by Bending Spoons in November 2022.
Cumulative funding Evernote raised
$175M
across 3 funding rounds
Key investors in Evernote
T. Rowe Price
Meritech Capital Partners
Allen & Company
CBC Capital
Kortschak Investments L.P.
Valiant Capital Partners
Nikkei
Harbor Pacific Capital
About Evernote
Evernote is a Redwood City-headquartered company founded in 2007 developing cross-platform note-taking and productivity applications. The software enables capturing notes, web clips, documents, and tasks synchronized across devices for individuals and teams worldwide.
Founded
2000
HQ
Website
Status
Acquired
Customer focus
B2B & B2C
Revenue model
Subscription
Valuation
$2B (Nov 2012)
Evernote Acquisition
Evernote was acquired by Bending Spoons for an undisclosed price on 16 November 2022.
Before the acquisition Evernote had raised $175M across 3 funding rounds.
Bending Spoons, an Italian app developer, announced the acquisition of Evernote in November 2022. The exact financial terms of the transaction were not disclosed, though multiple reports later estimated the acquisition price at approximately $1.4 to $1.5 billion. At the time of the announcement, Evernote was a 22-year-old productivity platform founded in 2000, offering note-taking and task management capabilities across multiple platforms. The company boasted approximately $100 million in recurring revenue, millions of paying customers, and had generated nearly 11 billion notes through its user base. Evernote had claimed approximately 90 million monthly active users and over 500 million total downloads at the time of acquisition. Bending Spoons positioned the acquisition as a strategic move to enhance its portfolio of consumer-facing digital products. The Milan-based company, which had recently completed a $340 million funding round, planned to apply its proprietary technologies to strengthen Evernote's product and expand its global reach. The acquisition was expected to close in early 2023. Following the acquisition, Bending Spoons implemented significant operational changes including headcount reductions, team restructuring, and the introduction of stricter free account limitations to drive conversion to paid plans. The company also restructured Evernote's geographic footprint, winding down operations in the US and Chile while moving the business to Europe.
| Acquirer | Date | Type |
|---|---|---|
| 16 Nov 2022 | Strategic M&A |
Evernote Valuation
Evernote is currently valued at $2B, based on its Series E in November 2012. Read the announcement ↗
The $85M round was led by AGC Equity Partners and m8 Capital, with participation from Valiant Capital Partners and T. Rowe Price.
Evernote's valuation has grown 2.0x from $1B at its Series D in May 2012 to $2B in November 2012, across 2 priced rounds.
Evernote valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Nov 2012 | Series E | $2B |
| May 2012 | Series D | $1B |
Evernote Funding History
Evernote has raised a total of $175M across 3 funding rounds.
Evernote's first fundraising round was a $70M Series D in May 2012. The most recent completed round was a $20M Series E in November 2014.
Evernote funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2014 | Series E | Kortschak Investments L.P. (lead); Nikkei (lead) | $20M | - | Evernote is a note-taking and productivity software company that has raised over $270 million in total venture capital funding from various investors including Nikkei, Kortschak Investments L.P., CBC Capital, and Eastlink Capital. |
| Nov 2012 | Series E | AGC Equity Partners (lead); m8 Capital (lead); Valiant Capital Partners; T. Rowe Price | $85M | $2B | Evernote raised another $85 million in a round led by AGC Equity Partners through its majority-owned, mobile-focused affiliate m8 Capital, announced at the end of November 2012. Valiant Capital Partners participated, along with existing investors including T. Rowe Price. About 75 percent of the money, or $63.75 million, took the form of a secondary investment, meaning shares bought from existing holders rather than new capital for the company. TechCrunch reported that the raise was understood to value Evernote at about $2 billion. The round followed a $70 million Series D that Evernote closed in May 2012 at a reported valuation of about $1 billion. Evernote develops note-taking and organisation applications that sync across phones, tablets and computers, and sells a free service with paid premium tiers. T. Rowe Price had joined the earlier May 2012 round and returned as an existing investor in this one. Evernote was acquired by Bending Spoons in 2022. |
| May 2012 | Series D | Meritech Capital Partners (lead); CBC Capital (lead); Harbor Pacific Capital; T. Rowe Price; Allen & Company | $70M | $1B | Evernote raised $70 million in a Series D round announced in May 2012, co-led by Meritech Capital and CBC Capital. Funds and accounts managed by T. Rowe Price Associates joined the round alongside Harbor Pacific Capital and Allen & Company. Press coverage reported the round at a valuation of about $1 billion, and trade reports described it as preparation for a possible public offering. Fortune described Evernote as a Sunnyvale, California-based provider of information capture software. The company offers note-taking and organisation applications that sync across phones, tablets and computers, sold through a free service with paid premium tiers. The financing continued T. Rowe Price's involvement in late-stage private technology companies, and the fund manager remained an investor when Evernote raised a further $85 million in November 2012. Evernote was later acquired by Bending Spoons in 2022. |
Who has invested in Evernote?
10 investors have backed Evernote across its funding rounds, including T. Rowe Price, Meritech Capital Partners, Allen & Company, CBC Capital, Kortschak Investments L.P. and Valiant Capital Partners.
Lead investors include Kortschak Investments L.P., Nikkei, AGC Equity Partners, m8 Capital, Meritech Capital Partners and 1 other investor.
Evernote Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Participant | May 2012 | ||
| 1 | Lead | Nov 2012 | ||
| 1 | Lead | May 2012 | ||
| 1 | Participant | Nov 2012 | ||
| 1 | Participant | May 2012 | ||
| 1 | Lead | Nov 2014 | ||
| 1 | Lead | Nov 2012 | ||
| 1 | Participant | May 2012 | ||
This data is available for Pro users. Sign up to see all 10 Evernote investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialEvernote Competitors
Evernote competitors include listed companies like Ireader, Planisware, Asana and Weaver Network, and private ones like Wispr Flow and Gamma.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $2B | - | ||
| Publicly listed | $487M | ($16M) | $2B | 4.7x | ||
| Publicly listed | $222M | $76M | $1.9B | 7.0x | ||
| Private | $100M | - | $2.1B | 21.0x | ||
| Publicly listed | $791M | ($175M) | $2.4B | 2.8x | ||
| Publicly listed | $343M | $44M | $1.6B | 4.0x |
Evernote Public Comps
Evernote is no longer listed, but its public comps include Ireader, Planisware, Weaver Network, Asana, Wondershare, Opera, McMillan Shakespeare, Cybozu, Foxit Software and Appian.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $487M | ($16M) | 3.6x | 4.7x | (107.1x) | - | |||
| $222M | $76M | 7.7x | 7.0x | 22.7x | 18.9x | |||
| $343M | $44M | 4.3x | 4.0x | 33.8x | 26.7x | |||
| $791M | ($175M) | 3.0x | 2.8x | (13.4x) | 23.0x | |||
| $230M | ($6M) | 6.0x | 6.2x | (221.9x) | (169.0x) | |||
| $615M | $141M | 1.9x | 1.6x | 8.3x | 7.1x | |||
| $328M | $174M | 4.4x | 3.3x | 8.2x | 11.0x | |||
| $237M | $82M | 3.3x | 3.0x | 9.6x | 8.8x | |||
This data is available for Pro users. Sign up to see all Evernote competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Evernote
| When was Evernote founded? | Evernote was founded in 2000. |
| Where is Evernote headquartered? | Evernote is headquartered in San Francisco, CA, United States. |
| Is Evernote publicly listed? | No, Evernote was acquired by Bending Spoons in November 2022. |
| Who acquired Evernote? | Evernote was acquired by Bending Spoons in November 2022. |
| What is Evernote's valuation? | Evernote was last valued at $2B in its Series E in November 2012. |
| How much funding has Evernote raised? | Evernote has raised $175M across 3 funding rounds. |
| What was Evernote's last funding round? | Evernote's last funding round was a $20M Series E in November 2014, led by Kortschak Investments L.P. and Nikkei. |
| Who are Evernote's investors? | Evernote's investors include T. Rowe Price, AGC Equity Partners, CBC Capital, Valiant Capital Partners, Harbor Pacific Capital, Nikkei, m8 Capital, Allen & Company, Kortschak Investments L.P. and Meritech Capital Partners. |
| Which companies are comparable to Evernote? | Companies comparable to Evernote include Wispr Flow, Ireader, Planisware, Gamma, Asana and Weaver Network. |
See companies similar to Evernote
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