BookRenter, an online textbook platform company, has received USD10m in a series B financing round led by Norwest Venture Partners, with follow-on investments from Storm Ventures and Adams Capital Management.
The funds will be used to support growth initiatives that will enable BookRenter to maintain its service levels and meet growing demand.
"Norwest has an excellent reputation for understanding the big picture and cultivating trends into long-term successful businesses, and we are thrilled that they have decided to join us in our mission to make education more affordable for all students," says Mehdi Maghsoodnia, chief executive officer of BookRenter. "Their assistance will prove invaluable as we build our team and market share. We anticipate setting new records for growth and will continue to innovate, pushing the industry forward while delivering the best service and greatest selection."
As a part of the funding, Sergio Monsalve from Norwest Venture Partners will join BookRenter’s board of directors.
"The rising cost of college education is forcing students to look for new ways to save money. BookRenter is unique because it has the strategic business partners and capital efficient business model in place to meet the growing needs of today’s college students," says Monsalve. "BookRenter’s substantial growth semester after semester is incredibly impressive and demonstrates that there is explosive demand for the company’s disruptive and high quality service. We look forward to partnering with BookRenter’s passionate and seasoned management team to grow the company further and help make it the dominant player in this USD9bn market."
BookRenter has seen growth of more than 400 per cent year-over-year since inception. It provides students with access to a textbook catalogue and shipping at low prices. The BookRenter Platform has enabled 75 bookstore partners serving more than 1.3 million students to launch their own custom-branded online rental stores.
