Evernote’s First Institutional Investor Troika Sells Stake To Sequoia For Over 10X Return

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Russian venture firm Troika Ventures is announcing that it has sold its share in productivity app Evernote to fellow investor Sequoia Capital. Troika Ventures was Evernote’s first institutional investor, and backed the company with $4.5 million in 2009, and participated in Evernote’s $20 million C round in 2010. Evernote has raised a total of $95.5 million in funding. The most recent round took place last year, when Sequoia and Morgenthaler Ventures put $50 million in the company.

Troika is not disclosing deal size but the firm invested back when Evernote only had 500,000 users (that number has shot up to 20 million since then). And valuation (based on sale price) is up 10 times. Just based on Troika’s $4.5 million investment in the A round, it is safe to assume they sold their stake for more than $45 million.

Although Evernote was rumored to be joining the billion dollar valuation club in its last round, the company isn’t valued that high (but ‘still doing quite nicely”). Perhaps that possible IPO isn’t so far away?

“Evernote was one of the first companies that we invested in,” said Artyom Yukhin, the head of Troika Dialog’s venture division, in a release. “In addition to financing, we provided expertise and assistance at an early stage to bring the company to the forefront of consumer internet and mobile services…The exit, at over ten times our original commitment, was a difficult decision for Troika and for me personally, but we ultimately decided to provide liquidity to our investors at a multiple return on their investment rather than await the next exit opportunity. Evernote has an absolutely unique team and we are proud of its achievements and have no doubt that the company will continue to flourish under the leadership of its CEO, Phil Libin.”

Of course, this means Sequoia, who also participated in the company’s 2010 $20 million round as well, is upping its stake in the company and betting big on Evernote. By our calculations, Sequoia presumably just bought another $50 million-plus in the company.