-81%

est. 2Y upside i

ProductivitySeries B

Rank

#3847

Sector

Business/Productivity Software

Est. Liquidity

~3Y

Data Quality

Data: Medium

Evernote presents a highly risky equity opportunity for a job seeker.

Last updated: March 10, 2026

Bull (15%)+300%

Evernote successfully integrates AI features and leverages the NAVER alliance and Bending Spoons' resources to significantly accelerate growth, reaching $50M+ in revenue within two years. This could push its internal valuation to $4B, allowing common stock holders to see a substantial return of approximately $3.65B after accounting for the $346M liquidation preference.

Base (33%)0%

Evernote maintains its current market position within Bending Spoons, with modest growth to ~$22M-$24M revenue. Its reported internal valuation remains around $1B, which, after accounting for the $346M liquidation preference, would still provide common stock holders with approximately $654M in value.

Bear (52%)-80%

Intensified competition from incumbents like Microsoft OneNote and Notion, coupled with continued decline in user engagement and downloads, leads to revenue stagnation or decline. The estimated internal valuation could drop by 80% to $200M, resulting in a complete loss for common stock holders due to the substantial $346M liquidation preference.

Est. time to liquidity~3.0 years

Preference Stack Risk

severe

Evernote has raised $346M in total funding. Against a reported current valuation of $1B, investors hold significant liquidation preferences, but common stock holders would still have value at this valuation ($654M).

Dilution Risk

high

While common stock holds value at the current reported valuation, achieving significant upside to clear the preference stack and provide substantial returns implies a need for aggressive growth, which could involve further capital raises by Bending Spoons or internal allocations that may dilute Evernote's specific contribution to overall value.

Secondary Liquidity

none

As a subsidiary of Bending Spoons, there is no direct secondary market for Evernote equity.

Other — 1 role

View all 1 open roles at Evernote →

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

    “Given the intense competition from free or bundled solutions like Microsoft OneNote and Google Keep, how does Bending Spoons plan to differentiate Evernote and drive sustained user acquisition and retention, especially considering the decline in downloads?”

  • 2

    “With Evernote's current revenue at ~$18M and 13% growth, what are the specific strategies and milestones Bending Spoons has set to significantly accelerate growth and achieve a valuation that would provide meaningful returns for common equity holders?”

  • 3

    “Considering Evernote's acquisition by Bending Spoons and the substantial prior funding of $346M, how is employee equity structured within Bending Spoons, and what is the realistic timeline and mechanism for employees to realize value from their RSUs or options?”

Community

Valuation Sentiment

Our model estimates -81% 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.