Evernote Acquisition, Valuation, Funding & Investors

Evernote was acquired by Bending Spoons in November 2022.

Evernote acquisition price

Undisclosed

Acquired by Bending Spoons · Nov 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

Evernote Overview

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

United StatesSan Francisco, CA

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.

Evernote acquisition details
AcquirerDateType
16 Nov 2022Strategic 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

Evernote valuation by funding round
DateStageValuation
Nov 2012Series E$2B
May 2012Series 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

Evernote funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Nov 2014Series EKortschak 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 2012Series EAGC Equity Partners (lead); m8 Capital (lead); Valiant Capital Partners; T. Rowe Price$85M$2BEvernote 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 2012Series DMeritech Capital Partners (lead); CBC Capital (lead); Harbor Pacific Capital; T. Rowe Price; Allen & Company$70M$1BEvernote 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

Investors in Evernote by funding rounds participated
InvestorHQRoundsRoleFirst check
T. Rowe PriceUnited StatesBaltimore, MD2ParticipantMay 2012
AGC Equity PartnersUnited KingdomLondon1LeadNov 2012
CBC CapitalChinaBeijing1LeadMay 2012
Valiant Capital PartnersUnited StatesSan Francisco, CA1ParticipantNov 2012
Harbor Pacific CapitalHong KongHong Kong1ParticipantMay 2012
NikkeiJapanTokyo1LeadNov 2014
m8 CapitalUnited KingdomLondon1LeadNov 2012
Allen & CompanyUnited StatesNew York City, NY1ParticipantMay 2012

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Evernote Competitors

Evernote competitors include listed companies like Ireader, Planisware, Asana and Weaver Network, and private ones like Wispr Flow and Gamma.

Public and private companies comparable to Evernote
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Wispr FlowUnited StatesSan Francisco, CAPrivate--$2B-
IreaderChinaChinaPublicly listed$487M($16M)$2B4.7x
PlaniswareFranceFrancePublicly listed$222M$76M$1.9B7.0x
GammaUnited StatesSan Francisco, CAPrivate$100M-$2.1B21.0x
AsanaUnited StatesUnited StatesPublicly listed$791M($175M)$2.4B2.8x
Weaver NetworkChinaChinaPublicly listed$343M$44M$1.6B4.0x

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 FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Ireader$487M($16M)3.6x4.7x(107.1x)-
Planisware$222M$76M7.7x7.0x22.7x18.9x
Weaver Network$343M$44M4.3x4.0x33.8x26.7x
Asana$791M($175M)3.0x2.8x(13.4x)23.0x
Wondershare$230M($6M)6.0x6.2x(221.9x)(169.0x)
Opera$615M$141M1.9x1.6x8.3x7.1x
McMillan Shakespeare$328M$174M4.4x3.3x8.2x11.0x
Cybozu$237M$82M3.3x3.0x9.6x8.8x

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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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