BookRenter, a San Mateo, California-based online textbook platform company, received $10m in a Series B financing round.
The investment was led by Norwest Venture Partners (NVP), with participation from existing investors Storm Ventures and Adams Capital Management.
The funds will be used to support growth initiatives that will enable BookRenter to increase the level of its service in the textbook industry.
In conjunction with the funding, Sergio Monsalve from Norwest Venture Partners will join the company’s board of directors.
Commenting on the round, Mehdi Maghsoodnia, chief executive officer of BookRenter, was quoted as saying: “Their assistance (Norwest) will prove invaluable as we build our team and market share.
“We anticipate setting new records for growth and will continue to innovate, pushing the industry forward while delivering the best service and greatest selection”.
Launched in 2008 by founder Colin Barceloux, BookRenter allows students to rent textbooks for up to 75% off the retail price. It currently carries over 3 million titles and serving thousands of students on over 5,000 U.S. campuses.