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Thursday, December 18, 2008

Chegg.com receives additional funding

On Wednesday, Chegg.com, an online service for renting and selling textbooks, received an additional $25 million in funding from Kleiner Perkins Caufield & Byers (KPCB), Foundation Capital, and existing investors Gabriel Venture Partners and Primera Capital. According to the press release, Chegg.com has initiated an aggressive growth strategy and the funding will be used to help grow the site, and increase the textbook rental catalog. The company believes that their business model could be very successful due to the current economy and the rising costs of higher education. Ted Schlein from KPCB commented, “We believe there is strong potential for growth and success for the textbook rental market as parents and students look for new ways to save on the costs of a higher education.”

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