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It's a rare tech business that can score venture capital funding in this economy. Popular note taking service, Evernote, just managed a second injection of ten million dollars from Morgenthaler Ventures, along with Troika Dialog and DOCOMO Capital, donors from the first round of funding.
So what is in the works for this latest round of big bucks?
Improving the product and adding more options says CEO Phil Libin. More languages are in the mix, additional platforms, and general improvements to the GUI. Perhaps free users will see some additional document support and maybe some raised limits on uploads. It's a sure bet that their subscribers will begin seeing improvements.
And that's what's notable in Evernote's success in securing new funding. Unlike services such as Twitter or any number of online startups, Evernote already has a steady income stream. By signing up for a $5 per month or $45 per year premium user account, you receive a greater range of document uploading, better encryption and a much higher upload allowance. This subscriber base allows Evernote to pitch itself as self-sustaining, making the investment a more attractive use of venture capital.
According to a TechCrunch article in May, Evernote boasted almost 14,000 paying customers with a steady conversion of regular users to premium accounts. If projections hold, that ten million just might start looking like a very wise investment.