Evernote defers “eventual” IPO, raises $85 million in funding


Gigaom

Evernote CEO Phil Libinannounced in a blog post today that the popular productivity app, which allows users to sync and collect documents and notes, has raised $85 million in financing. The new round was led by London-based AGC Equity Partners/m8 Capital, with participation from Valiant Capital Partners and previous investors. Libin said that 75 percent of the investment is a secondary investment, meaning it’s stock sold by existing investors, and the purpose of the fundraising is to “reduce the pressure to exit” and raise funding while moving toward an “eventual IPO.”

Libin explained the company’s strategy behind the fundraising and growth in a blog post on Friday:

As we’ve talked about in the past, there is no exit strategy at Evernote. Our goal is to build a permanently meaningful and enduring company; a hundred year startup. In order to accomplish this, we have to separate liquidity from exit. This latest…

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