BookRenter Raises $40 Million To Take On Chegg In Textbook Rentals
College textbook rental startup BookRenter has raised $40 million in funding from Adams Capital Management , Comerica Bank, Focus Ventures , Lighthouse Capital Partners , Norwest Venture Partners , and Storm Ventures . This brings BookRenter's total funding to $60 million. Similar to Chegg, Bookrenter wants to be the Netflix of textbook rentals. By renting textbooks, Students are able to save money by loaning textbooks for a fixed duration, usually a semester, and end up spending only the fraction of the cost of outright purchases. The system is simple: a student searches for a book (BookRenter now has 5.5 million titles) on the website using a title or ISBN, and places an order by selecting a rental period and delivery option. The book(s) are delivered complete with return UPS labels for easy shipping. And through BookRenter’s RapidReturns service, students can return their rented textbooks at participating college stores, who benefit from increased buyback activity and merchandise transactions.
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