Textbook rental site Chegg.com announced raising $25 million in a third round of venture capital financing led by Kleiner Perkins Caufield & Byers and Foundation Capital.
Founded in
2005, Santa Clara, Calif.-based Chegg.com says it saved students at 4,000 campuses nationwide about $16 million this year. Individually, students can save up to 80%, or $650 a semester, through the
site, according to the company.
"With this funding, Chegg.com will be able to reach even more students, with more books and more money saving services," said Osman Rashid, the company's CEO and
co-founder, in a statement. Getting a cash infusion of $25 million as investors turn increasingly cautious because of the downturn signals strong backing for the startup.--Mark Walsh