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Norwest Venture Partners Leads Funding Round; Sergio Monsalve Joins Board of Directors
Company Experiences Extraordinary Growth as College Bookstores around the Country Standardize on BookRenter Platform
San Mateo, CA -- June 3, 2010 -- BookRenter, the leading online textbook platform company, today announced that it received $10 million in a Series B financing round led by Norwest Venture Partners (NVP), with follow-on investments from Storm Ventures and Adams Capital Management. The funds will be used to support growth initiatives that will enable BookRenter to maintain the highest level of service in the textbook industry while meeting the incredible demand for its services so that millions of students benefit from dramatic cost savings on their textbooks.
"Norwest has an excellent reputation for understanding the big picture and cultivating trends into long-term successful businesses, and we are thrilled that they have decided to join us in our mission to make education more affordable for all students," said Mehdi Maghsoodnia, chief executive officer of BookRenter. "Their assistance 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."
As a part of the funding, Sergio Monsalve from Norwest Venture Partners will join BookRenter's board of directors.
"The rising cost of college education is forcing students to look for new ways to save money. BookRenter is unique because it has the strategic business partners and capital efficient business model in place to meet the growing needs of today's college students," said Mr. Monsalve. "BookRenter's substantial growth semester after semester is incredibly impressive and demonstrates that there is explosive demand for the company's disruptive and high quality service. We look forward to partnering with BookRenter's passionate and seasoned management team to grow the company further and help make it the dominant player in this $9 billion market."
BookRenter has rapidly become the leading consumer and college bookstore choice for textbook rental needs, resulting in remarkable company growth of more than 400% year-over-year since inception, while delivering the best customer experience in the industry. BookRenter provides students with access to the largest textbook catalog and the fastest shipping at the lowest prices, and the BookRenter Platform has enabled 75 bookstore partners serving more than 1.3 million students to instantly launch their own custom-branded online rental stores (see today's separate release for details).
For more information about BookRenter, please visit www.bookrenter.com.
BookRenter launched in 2008 and is dedicated to making education more affordable by allowing students to rent 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 carrying over 3 million titles and 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 400% each year. BookRenter, with offices in San Mateo, California, is a private company that is funded by prominent Silicon Valley venture capital firms. To learn more about how to use BookRenter for all of your textbook rental needs, please visit BookRenter.com.
Norwest Venture Partners (NVP) is a global venture and growth equity investment firm that manages more than $3.7 billion in capital. It has offices in Palo Alto, California, Mumbai and Bengaluru, India and Herzelia, Israel. NVP makes early to late stage venture and growth equity investments in U.S. and global companies across a wide range of sectors including: information technology, business services, financial services, technology enabled services and consumer. NVP has actively partnered with entrepreneurs to build great businesses for more than 49 years and has funded over 450 companies since inception. For more information, please visit www.nvp.com.