November 23, 2009
BookRenter Secures Series A Investment as Company is Poised for Record Growth
Laser-focused Operations and Streamlined Partnerships Result in Lower Rental Costs for Students and Parents
Campbell, CA November 23, 2009 -- BookRenter.com, the leading online textbook rental site, today announced that it received $6 million in Series A financing from Storm Ventures and Adams Capital Management. This marks the first formal venture investment in the company since it launched in 2008. The investment comes at a time when the company has experienced tremendous expansion, growing over 300 percent year-over-year. The new funds will be used to further extend the company's reach and to build out the online platforms that enable existing partners to participate in the rental marketplace.
"BookRenter will remain the same lean and efficient operation it’s been since its founding, focused on making education affordable for our customers," said Mehdi Maghsoodnia, chief executive officer of BookRenter. "We remain committed to delivering the very best products and services, and our unique strategy and partnerships allow us to build our business without needing to spend on marketing gimmicks and warehousing and fulfillment infrastructure. With this additional capital, we are excited about all that we can accomplish in our next phase of growth."
BookRenter is poised for unprecedented growth, as the book rental market becomes a favorite option for students and their parents who often pay for books. With college textbook costs continuing to soar, BookRenter alleviates a major pain point by enabling students to rent textbooks for up to 75 percent off the retail price and receive new or like-new books delivered to their door.
BookRenter offers the most flexible rental periods in the textbook rental market and provides access to the widest range of titles available. Due to a significant number of strategic partnerships that provide ready access to stock and expeditious shipping routes, BookRenter can ship almost any title in its catalog via next-day or two-day delivery with a guaranteed delivery date, eliminating worries of whether a student will receive a book in time. Additionally, it is easy for students to return their books for free at the end of the rental period, as BookRenter provides all of the necessary shipping materials.
BookRenter launched in 2008 and is dedicated to making education more affordable by allowing students to rent millions of textbooks for up to 75% off the retail price. BookRenter’s innovative pricing and operating systems provide students with the best price, highest quality books, and most flexible rental experience available today. Currently serving thousands of students on over 5,000 U.S. campuses, BookRenter is one of the fastest growing startups in Silicon Valley, growing at over 300% each year. BookRenter, with offices in Campbell, California, is a private company that is funded by prominent Silicon Valley venture capital firms. To learn more about how to use BookRenter.com for all of your textbook needs, please visit BookRenter.com.