CampusBookRentals.com, a company that lets customers from nearly 5,600 college campuses rent textbooks online, this morning announced a round of growth financing with total equity and credit facilities raised of over $20 million.
The company, which competes with venture-backed Chegg and BookRenter.com, among others, says it is growing like gangbusters, having recently moved into a new 57,000 square foot facility to support its growth to over 100 current employees (up from 30 a year ago).
CampusBookRentals.com, which was started from CEO Alan Martin’s basement back in 2007, says it has been profitable since shortly after its inception and that it has enjoyed triple digital revenue growth of late. The company recently added Scott Klossner, COO & Financial Officer at Backcountry.com, to its board of directors.
CampusBookRentals.com lets student search for books by ISBN, title, author or keyword and offers free shipping to and from their home or college dorm. Admirably, for every book rented the company donates a portion of its proceeds to Operation Smile, a non-profit organization dedicated to providing cleft lip correction surgeries for children in need.
The financing round was led by Level Equity, Five Elms Capital and Cherokee & Walker.