eCommerce - Thursday, November 19, 2009
Chegg, Chegg, Chegg Raises $57M + $25M Credit For Text Book Rental
Online textbook rental company Chegg.com it raised $57M in a fourth round of funding. Santa Clara-based Chegg.com said the round was led by Insight Venture Partners. In addition, Chegg got a $25M credit facility, adding to the $30M in debt facility recently secured from Pinnacle Ventures and TriplePoint Capital. Including this new round of venture capital and venture debt, Chegg.com has raised more than $160 million since its founding in 2005.
With Chegg, students pay a fee to rent a textbook for a semester or quarter period. Chegg.com has rented more than 1.5M textbooks this year.
Chegg has had a hickup. It hired former Ask.com CEO Jim Safka as CEO in June, only to see him bail by the end of that Summer. Since then, founder Osman Rashid has again taken over.
There has been a lot of amazement that Chegg has been able to raise so much. For us its a no-brainer. Text books are a rip-off and then you either keep them or sell them back. On every campus there is some painful store to deal with to buy and sell your books. Why not have a national company that does this better. But its expensive to market nationwide and expensive to buy all those books so of course Chegg needs a war-chest.
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I hope the company continues to be successful. I have saved hundreds off of the ridiculously inflated textbook prices charged (even used) at college bookstores. I hope to continue to do so. I have been very pleased with Chegg’s service and am getting ready to rent next semester’s books from them. Chegg also buys used books. I got around $40-50 per book which was MUCH higher than I could get from the college bookstore or even by selling on Amazon. Coupon code CC101954 gives you an extra $5.00 when you sell your books to Chegg. The same coupon gets you an extra 5% off of book rentals.
Posted by: John Mu at December 15, 2009 04:10 PM
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