What is Evernote?
Evernote has become my favorite application since I started college. Evernote is a notepad for basically everything. You can type, you can take pictures, you can record videos, and you can practically store anything that your phone has the capacity to do. Ever since it’s creation, Evernote CEO Phil Libin has been buying out other applications to increase the functionality of his own app. With every new application that Evernote buys, the “remember everything” company grows even larger. Sometimes, they’ll put the new app inside of Evernote immediately, while other times they’ll keep the app on the market and eventually incorporate with Evernote in some way.
A big round of funding
It all started a little bit ago when “Last year the…company bought screen capture sharing app Skitch and integrated it into the larger Evernote ecosystem.” While Evernote immediately put their acquisition to use in their own app, it also remained a standalone item in major app stores. Just about two weeks ago, Evernote somehow came upon $70 million in financing. Through support of fans and actual funding from investors, they were able to raise such a large amount of money through a Series D investment. With this, they’ll “use the money to ramp the speed of product improvements, expand internationally, and make future strategic acquisitions.” This $70 million round of financing is nothing to sneeze and Evernote maintains that its business model is highly sustainable.
What do they spend it on?
One of these future acquisitions was Penultimate, which, according to the description in the Apple App Store, “gives you the fast, tactile gratification of writing on paper, with digital power and flexibility.” Where do most people take notes normally? Usually on paper, but in an ever-growing technological world, an increasing number take notes on a tablet or other computing device. Handwriting, however, remains the best way to capture figures and mathematical notation in class and, for some, is still faster than typing. Penultimate to the rescue!
In fact, it’s hard to find a downside in the acquisition of Penultimate (or Skitch, for that matter, or any of their other minor acquisitions). These purchases and eventual integrations help make Evernote a tool that is universally useful for a wide variety of people who learn, write, and remember in many different ways. If you haven’t checked out Evernote yet, it’s free and works on basically every platform, including a web browser. Head over to Evernote.com to see exactly why the company was able to raise so much capital – it’s that good.