BookRenter, a San Mateo, California-based online rental platform, raised $40m in Series C funding.
Investors include new and existing venture partners Adams Capital Management, Comerica Bank, Focus Ventures, Lighthouse Capital Partners, Norwest Venture Partners, and Storm Ventures.
The company intends to use the funds for product innovation.
Launched in 2008 by Colin Barceloux and led by CEO Mehdi Maghsoodnia, BookRenter provides schools with a full-service, branded textbook rental solution. It is dedicated to making education more affordable by allowing students to rent textbooks for up to 75% off the retail price.
Through the company’s RapidReturns™ service, students can return their rented textbooks at participating college stores, who benefit from increased buyback activity and merchandise transactions.