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Chegg, a Santa Clara-California based startup that has created an online marketplace for textbook rentals, has raised $25 million in third round of funding from Kleiner Perkins Caufield & Byers and Foundation Capital with participation from return backers Gabriel Venture Partners and Primera Capital. Chegg will use the financing to grow the site, increase the textbook rental catalog and expand its market leadership position.
“Chegg.com is executing its strategy to save students millions of dollars a year with online textbook rentals,” said Osman Rashid, CEO and co-founder of Chegg.com. “With this funding Chegg.com will be able to reach even more students, with more books and more money saving services. We are proud to welcome KPCB and Foundation Capital to our team.”
College students can use Chegg to rent out as many textbooks as they may like for as long as they like. In addition to this students can also buy the books and than could sell them back to Chegg if they may so desire.
