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Ex-Evernote CEO Phil Libin expected to join VC firm General Catalyst

Evernote Corp.'s Libin Says IPO "Probable" At Some PointEvernote Corp.'s Libin Says IPO "Probable" At Some Point
Phil LibinPhotograph by David Paul Morris — Bloomberg via Getty Images

Phil Libin, the Evernote co-founder who recently turned over the CEO reins, in in final talks to join venture capital firm General Catalyst as a general partner, Fortune has learned.

Libin helped create the digital note-keeping service back in 2007, and led its growth to more than 150 million users and a valuation north of $1 billion. Earlier this year, however, Libin said that Evernote was seeking a “professional CEO… who is going to be better than me at it.”

In July, the Silicon Valley company announced that it had hired longtime Google (GOOG) exec Chris O’Neill as Libin’s successor, with Libin remaining with the company in an executive chairman role.

Neither Libin nor General Catalyst has yet returned requests for comment.

Update: General Catalyst partner Hemant Tenaja confirms the news: “Phil first and foremost shares the same cultural values as us. Phil has built a product that’s been used by over 150 million people, and I think he’ll be a great partner to entrepreneurs that are starting next-generation application businesses.”

 

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