Cloud note and storage app Evernote is raising a massive fifth round of funding of between $50 to $100 million at a valuation that tops $1 billion, according to multiple sources close to the company.
Contrary to what Business Insider is reporting, the round has not yet closed; While the final details of which investors will participate are still being finalized, there’s strong interest in the Valley and beyond.
Investor Meritech is believed to be in the lead, having already dropped a term sheet according to one source. The financing is expected to go through and it could all close in the next couple of weeks. But things are still tentative: There’s a small chance the round could be scrapped or that the numbers could be different, as there are no documents signed, no money in the back, the board hasn’t yet approved any deal.
Evernote doesn’t necessarily need the money, but may be eying a strong push in China and other international markets.
To date, Evernote has raised $95.5 million from angels and its Series A through D rounds, the latest of which was a $50 million Series D in July 2011.
As of December 2011, the app had 20 million users, across Mac, Windows, iOS, Android, web browsers, BlackBerry, Windows Phone 7, and other platforms. That user count was double what Evernote had in December 2010, showing very strong momentum for the company, hence strong investor interest.