Startups News

Perlego raises $4.8M to become ‘Spotify for Textbooks’

Perlego raises $4.8M to become 'Spotify for Textbooks'
Perlego raises $4.8M to become 'Spotify for Textbooks'

Perlego, which is a London-based startup purpose to become “Spotify for textbooks” has closed $4.8 million in funding round by ADV, including the involvement from current angel investors, Simon Franks (co-founder of Lovefilm), Alex Chesterman (founder of Zoopla) and Peter Hinssen.

Perlego was founded way back in 2016 by Gauthier Van Malderen and Matthew Davis. It offers students as well as professionals unlimited access to a huge digital library of academic and business eBooks for £12 a month. To provide this facility, the company has already made a partnership with 650 publishers, along with big names like Oxford University Press, Princeton University Press, and Macmillan Higher Education. Here, publishers obtain 65 percent of each subscription on a consumption basis.

Van Malderen, who is the CEO and Co-founder of Perlego stated, “Textbook prices have increased more than fifteen-fold since 1970, or three times the rate of inflation. In the U.K., the average university student spends £439 a year on textbooks. This is only exacerbating the cost of higher education and the debt burden on students, which is set to rise again this year in the U.K.”

Startup states that it supports publishers to monetize their content for a huge segment of students which will certainly download pirated copies of the book or rather purchase from the used-book market. Moreover, Perlego provides complete information to the publisher on the consumption of titles.

Simultaneously, Perlego states that it will use the new funding to increase the team and assist the firm’s growth in various markets of U.K and Europe. Also, it will invest money in building its product for students as well as professionals.

Moreover, Perlego has made a collaboration with Founders Factory this month as a part of its edtech accelerator programme that is supported by Holtzbrinck Macmillan. Holtzbrinck Macmillan is the world’s leading academic publishers.

Source