Jim Safka stepped down as the CEO of Ask.com in the middle of last month and will now be moving to another online company, Chegg.com. When Safka stepped down from InterActiveCorp’s search engine company, he said that he wanted to work on something smaller and more local-based. Chegg is an online textbook rental service that was started in 2003.
The textbooks rent for a much cheaper price than what it costs to buy it on Chegg. The company raised about $27 million in funding so far from Gabriel Venture Partners, Maples Investments, Kleiner Perkins, and Foundation Capital. The first round was $2.2 million and the second round was about $25 million.
Osman Rashid, Chegg’s co-founder will step down from being CEO and will take the chairman position.