Evernote continues to grow after landing $50 million in funding

Summary:Fresh off of optimizing its Android tablet app, Evernote has secured $50 million in funding, led mostly by Sequoia Capital.

Fresh off of optimizing its Android tablet app, Evernote has secured $50 million in funding, led mostly by Sequoia Capital.

This also follows another round of funding that Evernote conducted last October, which raised about $20 million - most of which is still in the bank, according to the startup's official blog.

Evernote has hired Ken Gullicksen, previously a partner at Morgenthaler Ventures, which was also involved in the last round of raising venture capital, to lead its corporate development and acquisition strategy.

So a big question is: What Evernote is going to do with all that cash? The answers aren't too shocking. Evernote reps noted that some of it will be going to long-term investors and shareholders, and then the usual development of products. Evernote must also have a big picture plan as it will be looking to acquire "a company or two to really boost growth."

But make no mistake that Evernote has no intention of being acquired itself, which is evident by its arduous (and fruitful) rounds of funding.

Evernote has been around for about three years, but its app success has really taken off in the last year or so. Compatible with most desktop and mobile operating systems, the app, which acts like a notebook (or collection of notebooks, depending how you use it) in the cloud, Evernote is looking to expand further as it will be hosting a one-day conference in San Francisco on Thursday, August 18 for developers.

It's already integrated as one of the centerpiece functions on the HTC Flyer, so the potential for Evernote to expand as a default program for note taking, especially on mobile devices, is certainly growing wildly.

Related:

Topics: Tablets, Android, Hardware, Laptops, Mobility

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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