With participation from Valiant Capital Partners and T. Rowe Price, AGC Equity Partners has led an $85 million round of financing for Evernote, the Mountain View, Calif.-based developer of note-taking and information archiving software. According to a blog post written by the company’s CEO, Phil Libin, $63.75 million of the funding comes in the form of a secondary transaction with existing shareholders selling their stock, while $21.25 million comes as fresh capital. The new funds will be used to focus on product development. Mr. Libin also discussed the company’s long-term strategy: “By giving early shareholders the opportunity to sell some of their holdings, we reduce the pressure to exit while at the same time forging relationships with important new long-term investors who can help shepherd the company to, through, and beyond an eventual IPO.”
