Summary:

Already heavily-backed textbook rental firm Chegg has added another $75 million. The company’s service, which lets students rent textbooks s…

Already heavily-backed textbook rental firm Chegg has added another $75 million. The company’s service, which lets students rent textbooks so they don’t have to buy them, has gained a big following on college campuses. One outside estimate puts the company’s sales this year at $130 million, up from $25 million in 2009. That growth has forced the two top college bookstore operators in the U.S., Barnes & Noble (NYSE: BKS) and Follett Higher Education Group, to launch their own competing textbook rental services.

Chegg most recently raised $112 million in debt and equity funding round last fall. This investment — which comes from a Hong Kong-based investment firm called Ace Limited, according to a report in AllThingsD, brings Chegg’s total funding to more than $200 million.

Chegg is led by former Yahoo (NSDQ: YHOO) COO Dan Rosensweig, who the company hired away from Activision (NSDQ: ATVI) last year.

You’re subscribed! If you like, you can update your settings

By Joseph Tartakoff

You're subscribed! If you like, you can update your settings

Related stories

Comments have been disabled for this post