Chegg is a textbook rental company that has been growing at a rapid pace. Chegg is working with two banks to lead the IPO, according to sources with Reuters. Chegg is going to work with JPMorgan Chase & Co. and Bank of America. Chegg may raise around $200 million from the IPO.
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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.
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Online textbook rental service Chegg announced today that it has acquired Student of Fortune, a site where students tutor each other. Chegg also recently acquired Cramster, Notehall and CourseRank. With each acquisition the company becomes more than a textbook service, as their newly-revamped website now features a “homework help” section and courses section that offers schedules, reviews and grades distributions. Chegg also now offers an HTML5-based e-reader for textbooks. [Mashable]
CampusBookRentals.com is a company that allows customers across 5,600 college campuses to rent textbooks online. CampusBookRentals.com announced a round of growth financing with total equity and credit facilities of over $20 million. CampusBookRentals.com competes directly with Chegg.com and BookRenter.com.
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Amazon is now offering Kindle Textbook Rental, giving students digital textbooks for up to 80% off. TechCrunch reports that the service allows students to customize their rental, so they only pay to have the book as long as they need it—anywhere from 30 to 360 days. In addition, Amazon’s Whispersync technology allows students to keep their notes in the Amazon Cloud, and Amazon offers to continue this storage past the end of a rental period.
Online textbook rental service Chegg.com is in talks with bankers about a possible IPO. Chegg raised $75 million in funding last autumn, which brought them to a total of $219 million. On SharesPost, it appears that someone wants to buy 20,000-30,000 shares of Chegg at $6.50 per share.
Online textbook rental company Chegg.com has announced that they have hired two new executives: Tom Dillon is now the senior VP of distribution and Esther Lam is now the company chief marketing officer.
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Cramster.com, an online homework help website created by Aaron Hawkey, Robert Angarita, and Kaveh Golabi, has been acquired by Chegg.com. The transaction details were undisclosed. Chegg said that this acquisition will add to their textbook rental and course planning services. Cramster had raised $9 million in funding from Primera Capital and Shai Reshef. Cramster has about 1 million users.
