A suite of software and services for note taking and archiving purposes, Evernote raised $20 million in a third round of financing. The round was led by new investor Sequoia Capital. Also participating are existing backers including Morgenthaler Ventures and DOCOMO Capital.

According to Evernote CEO Phil Libin, the new funding will be used to expand beyond the consumer market since about 80%of the user utilizes the product for purposes both personal and business. “We get tons of requests inside of schools, inside of businesses, inside of specific verticals,” he says. “We haven’t done any of that. We’ve been one general purpose product.”

Evernote is used to “clip” a range of files and contain them online. The files are downloaded from any web-connected device. The service is free but comes with a $5 fee for a premium access. 2.5 percent of it’s existing users pay for a premium account.

All in all, the funds raised by Evernote has amounted to $43 million.  That’s a hefty sum for a web and mobile service, but it’s clear Evernote has big plans for the Series C round.  One of the first tools of its kind, Evernote took a distinct approach to note-taking, archiving, search and access, in order to replicate much of our existing thought processes with its app.  The smartphone revolution has increased the relevance of Evernote’s real world application, and the vertical takeovers is a necessary step in the company’s future growth.

It’s likely these verticals will rely on the expansion of Evernote’s platform, which could become a powerful tool in semantic search, among other things.  Already, Evernote has an app directory with tools designed to work specifically with the note-taking service.