Flat World Knowledge, an Irvington, NY-based publisher of college textbooks that students can read free online or purchase in various print and digital formats, has received an investment of undisclosed amount from trade-book market leader Random House, Inc.
This investment closes the Series B funding round announced in January, which was led by Bertelsmann Digital Media Investments (BDMI), and Bessemer Venture Partners.
Founded in 2007 by two former publishing executives including CEO Jeff Shelstad, Flat World publishes the works of academic authors under a Creative Commons open license, which allows students to read complete, peer-reviewed textbooks free online or to purchase a variety of print and digital formats. The company generates revenue through the sale of physical books, e-books for devices such as the iPad and Kindle, audio books, PDF documents and interactive study tools.
According to the company, To date, more than 1600 professors at over 900 colleges in 44 countries have used Flat World open textbooks.