Troika Ventures divest Evernote investment, exit multiple estimated at 10X

Troika Ventures, the venture capital arm of leading Russian investment bank Troika Dialog that is now part of Sberbank, has sold its stake in California based document software development Evernote. Troika had invested USD 4.5 million in a round A funding in 2009 and has sold its stake at over 10 times the original investment to venture firm Sequoia Capital.

Evernote (www.evernote.com)
Founded in 2007 by a group of Russian and American technocrats and led by Russian entrepreneur Stepan Pachikov, Evernote develops software applications that allow users to take and organize notes, including multimedia clippings and allows access to them through any device with an internet connection. The company offers both free and paid services and has signed up more than 20 million subscribers in less than four years. Evernote has attracted about USD 95 million in venture funding, including a USD 50 million round led Sequoia Capital and Morgenthaler Ventures in June 2011.

Sequoia Capital (www.sequoiacap.com)
Based in Menlo Park, California, Sequoia Capital is one of the most successful and influential private equity and venture capital firms in the world. Founded in 1972 by Don Valentine, the firm has funded some of the best known technology companies like Apple, Oracle, Cisco Systems, PayPal, NVIDIA, Yahoo!, YouTube, Aruba Networks etc.

Troika Dialog (www.troika.ru/eng)
Troika Dialog, now part of Russia’s biggest financial institution Sberbank, is a leading investment bank in Russia and Ukraine, and has presence in 21 cities across Russia, including Moscow. The bank also has offices in Kiev, Almaty, London and New York. Total assets under management exceeded USD 3 billion as of end August, 2011. One of the largest players in the Russian derivatives market, Troika played a key role in the creation of the RTS futures and options markets.