Online Textbook Rental Company Chegg Raises $25 Million
Chegg, the large online textbook rental company, has raised $25 million in equity funding according to a form D filing with the Securities and Exchange commission from today. “The funding is led by existing investors to fuel the growth of the business,” stated a Chegg spokesperson in an interview with VentureBeat. Chegg was founded in 2005 and is now available across 7,000 different colleges nationwide.
Chegg has 4.5 million users and has been working on supporting digital textbooks. Chegg also has course reviews and homework help. This past January, Chegg launched an HTML5 electronic textbook reader.
Based in Santa Clara, California, Chegg has over 200 employees. Chegg previously raised $221 million across a combination of equity and debt funding round. Investors in Chegg include Insight Venture Partners, Gabriel Venture Partners, Ace Limited, Pinnacle Ventures, and Kleiner Perkins.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry