Chegg, Inc., the company that operates Chegg.com, a textbook rental web site, has closed a $57m Series D equity funding.
The round was led by Insight Venture Partners. In addition, Insight led a syndicate that provided a $25m credit facility, which adds to the $30m in debt facility recently secured by the company from from Pinnacle Ventures and TriplePoint Capital.
The funds will be used to accelerate growth, enhance its commitment to customer service and further build partnerships with publishers, wholesalers and colleges. The company expects to double its workforce and to continue expanding its customer base and the number of colleges it serves.
In connection with the funding, Deven Parekh from Insight Venture Partners joins Chegg.com’s Board of Directors.