Bubble? What bubble? Cloud service Evernote just raised an $85m funding round, hot on the heels of a $70m round in May this year, and $50m in July 2011.

The latest round was led by AGC Equity Partners/m8 Capital, with Valiant Capital Partners and existing investors chipping in. CEO Phil Libin blogs that 75% of the round is secondary investment: “The stock is being sold by existing investors and shareholders, while the rest is going to Evernote in a primary round.”

So what’s going on here? Libin says it’s about the need for Evernote to “separate liquidity from exit… By giving early shareholders the opportunity to sell some of their holdings, we reduce the pressure to exit while at the same time forging relationships with important new long-term investors who can help shepherd the company to, through, and beyond an eventual IPO.”

Evernote, which helps people store text, photos and anything else they need to remember and access from multiple devices, may also be in the market for a few acquisitions in 2013, according to Libin’s separate interview with TechCrunch.

The service currently has more than 45m users, up from 34m in June this year.