Welcome to The CITE -- a blog on Course materials, Innovation, and Technology in Education, created by Mark Nelson and now part of the Publications Department of the National Association of College Stores. CITE is a pun with multiple meanings - referring to cite as in citation, something people reference; site as in location, website, or place people go to; and sight as in foresight or looking ahead to what is coming. Comments, discussion, feedback and ideas are welcome.
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.”