Perlego, the textbook subscription service, has raised $9 million in Collection A funding.
Backing the spherical is Charlie Songhurst, Devoted VC, and Thomas Leysen (Chairman of Mediahuis and Umicore). Perlego’s existing investors together with ADV, Simon Franks and Alex Chesterman additionally reinvested on a pro-rata foundation.
London-based Perlego says the extra funding will probably be used to develop the subsequent era of Perlego’s “smarter studying platform,” together with including new options that simplify and improve the training expertise, in addition to content material libraries in non-English languages to allow additional growth to “strategic” European markets past its U.Ok. roots.
Pitched as akin to a “Spotify for textbooks,” Perlego permits college students, and in addition professionals, who now make up 30% of customers, to entry textbooks on a subscription foundation.
It homes over 300,000 eBooks, from over 2,300 publishers, and the service is cross-device — through the net and iOS and Android apps — and out there in a number of languages. Together with U.Ok. publishers, Perlego now additionally consists of content material from key publishers in Germany, the Nordics and Italy.
For the scholars, the draw is apparent: textual content books are more and more costly to buy, and public libraries are below resourced. Within the U.Ok., Perlego provides readers entry to its total digital library for £12 per thirty days. So long as the wanted textual content books can be found on the service, that’s infinitely extra inexpensive.
For publishers, Perlego claims to supply a distribution technique that stems income losses attributable to piracy and the buoyant used textual content e book market — therefore the comparability to Spotify’s positioning.
Publishers equivalent to Pearson, Wiley and Sage are already on board, Perlego says it’s seeing a 116% enhance in new subscribers month-on-month, although it isn’t breaking out subscriber numbers.