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Textbook rental service Chegg has raised nearly $25 million in equity funding, according to a form D the company filed Friday with the Securities and Exchange commission.
“The funding is led by existing investors to fuel the growth of the business,” a company spokesperson confirmed to VentureBeat.
Founded in 2005, Chegg gives students studying at more than 7,000 colleges nationwide a way to rent and order textbooks online. The service has 4.5 million users, and has been aggressively working to support digital textbooks in recent months. It also offers course reviews and homework help, and refers to itself as a “social education platform.” In January, Chegg launched an HTML5 electronic textbook reader for device-agnostic reading.
Today’s $24,983,416 equity funding round includes participation from 17 investors, according to the filing.
Santa Clara-based Chegg has more than 200 employees. The company has previously raised $221 million across a combination of equity and debt funding rounds. Investors include Insight Venture Partners, Gabriel Venture Partners, Ace Limited, Pinnacle Ventures, and Kleiner Perkins Caufield & Byers.
Photo credit: EricGjerde/Flickr
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