Another big, albeit much more down to earth bet on the online book rental market from VCs. Online book rental service BookRenter is announcing it has brought in $6 million in a first round, less than a week after rival service Chegg raised $57 million in its fourth round of funding. Both companies let college students rent textbooks, so they don’t have to buy them. A third competitor in the booming market is Campus Book Rentals.
BookRenter says it grew “300 percent year-over-year” during the fall back-to-school season and will use its first outside cash to “extend the company’s reach and to build out the online platforms that enable existing partners to participate in the rental market.” New funds come from Storm Ventures and Adams Capital Management.
In June, the startup hired Mehdi Maghsoodnia, a former VP of online operations at online t-shirt marketplace CafePress as its CEO to succeed founder Colin Barceloux. Other recent hires include Yahoo (NSDQ: YHOO) executive Michael Geller as VP of marketing and CafePress veteran Justin McCarthy as VP of engineering.