Textbook Rentals Big Business - Kleiner Perkins Goes After Chegg

Five year old textbook rental startup Chegg is actually starting to ramp up sales, we’ve heard. The middling college student, they say, spends $900 per year on textbooks. Chegg saves them 70-80% of that by renting them the books as an alternative of selling them outright.

Here’s how it works: students find the books they desire by searching by ISBN, author, title or keyword. The rental toll for the semester or quarter is just 20-30% of the full retail sacrifice, and are delivered within eight business days. At the end of the term, the students pocket a pre-paid shipping box to return them. Students are even allowed to highlight books (but no editorial in them).

The company was founded in 2003 at Iowa Situation University as a classifieds site. In the fall of 2007 the circle changed their business to textbook rentals.

Revenues have soared to a unmercifully $10 million run rate, we’ve heard from a creator, who also says they’ve just closed a wink round of financing from Kleiner Perkins - $15 million at a employment money valuation of $60 million.

Chugg had earlier raised $2.2 million from Gabriel Volunteer Partners and Maples Investments.

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Source: TechCrunch

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chris.pirillo.com - On commonplace, how much did you spend on college textbooks? Or, how much are you spending if you're currently succeeding to school?