Evernote

-92%

est. 2Y upside i

ProductivitySeries D+

Rank

#3967

Sector

Business/Productivity Software (SaaS)

Est. Liquidity

~3Y

Data Quality

Data: Low

Based on a stale $1.2B valuation from 2018 and flat $18M revenue, the implied multiple of 66.7x is unsustainable.

Last updated: July 3, 2026

Bull (10%)-78%

Exit at 15x revenue ($270M) if Bending Spoons synergies materialize; still -77.5% from entry due to stale valuation.

Base (50%)-88%

Exit at 8x revenue ($144M), in line with public comps; -88% from entry as valuation normalizes.

Bear (40%)-100%

Exit at 5x revenue ($90M) below total funding; common stock recovers -100% due to 1x liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

high

Funding Intensity

2217%

Total funding $266M vs valuation $1.2B (22% ratio) means preferred would consume a large portion in an exit < $1.2B.

Dilution Risk

low

Company is profitable, unlikely to raise in near term.

Secondary Liquidity

none

No secondary market observed; equity is illiquid.

Other — 1 role

Last updated: March 10, 2026

Questions to Ask at the Interview

Strategic questions based on Evernote's data — designed to show you've done your homework.

1
“How does Evernote plan to differentiate against free incumbents like Apple Notes and Google Keep?”
2
“What is the path to revenue growth given flat subscriber counts and intense competition?”
3
“Given Bending Spoons' IPO, what is the timeline for liquidity for Evernote equity, and any plans for a spin-off or secondary sale?”

Our model estimates -92% upside. What do you think?

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Disclaimer: This analysis is AI-generated and does not constitute financial or career advice. Always conduct your own due diligence.