September 1, 2010
BookRenter Achieves Explosive 725% Yearly Growth in Textbook Rentals
Partnerships with 260 Campus Bookstores at Schools Serving Over 3.2 Million Students Help Drive Record Back-to-School Season
Company Saves Students More Than $25 Million in Month of August Alone
San Mateo, CA September 1, 2010 -- BookRenter, the leading online textbook platform, today announced that the company grew revenue in August by 725% over its previous year, and rented more textbooks in August than the previous two calendar years combined. Growth was fueled by strong adoption of BookRenter.com due to the company’s unmatched textbook selection, proprietary SmartPricing™ engine, and the industry’s best customer service. Strong growth also came from campus bookstores standardizing on the BookRenter Platform for their online textbook rentals, as another 45 campus bookstores launched their own online stores, bringing the total to 260 stores at schools serving 3.2 million students around the country. Students enjoyed tremendous savings on their education by renting their textbooks from BookRenter and its partner campus bookstores, saving more than $25 million in the month of August alone.
“We had a great August, bringing affordable textbooks to millions of students both online at BookRenter.com and through our 260 partner campus bookstores,” said Mehdi Maghsoodnia, CEO of BookRenter. "Our strategy from day one has been to focus on our customers and partners while innovating on our platform to better serve them, rather than spend tens of millions of dollars on advertising and silly promotions. It is great to see our customers happy and our partners succeeding as we build a strong brand and a strong eco-system around our mission of making education affordable and accessible for everyone."
In July, BookRenter continued to make education more accessible and affordable by launching its Five-Star Satisfaction Guarantee, which ensured their customers “textbook rental happiness” by removing all risk associated with textbook rentals. On all transactions, customers are allowed to return a book within 21 days, they can always extend or purchase a book outright, and they’ll never pay more than the purchase price of the book in rental fees. And, as part of the company’s ongoing fight against youth illiteracy, BookRenter donated over 20,000 books so far through its BookRenter Gives Back program in partnership with First Book.
To learn more about BookRenter and the BookRenter Platform, 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 offering more than three 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 725% 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 www.bookrenter.com.