British edtech company Perlego has raised $ 50m (£ 38.2m) in a Tier B round of funding for the global expansion of its textbook subscription service.
Perlego provides ‘unlimited access’ to 800,000 textbooks in six languages for university students.
Perlego, headquartered in London, says this model helps publishers recover losses from rogue textbooks and make educational resources more affordable for students.
Perlego will use Tier B funding proceeds to attract more users in the US, which currently accounts for 40% of its customer base.
Worldwide, it has more than 400,000 users from 6,000 institutions in 172 countries.
Founded in 2017, Perlego provides university students with “unlimited access” to 800,000 digital textbooks in six languages.
Mediahuis Ventures led the latest round, with participation from Raine Ventures, and Evli Growth Partners.
“We’re meeting learners where they are, online, and helping the publishing industry move digitally in a way that works for them,” said Gauthier Van Malderen, CEO of Perlego. “This investment will help us bring our platform to more people and give them important additional learning tools.”
Distance learning during the Covid-19 pandemic accelerated the growth of edtech companies – and the levels of investment they have received.
In 2020, the front edtech hub in Europe, which attracts the most investment to the continent.
As of November 2021, the UK etech sector has value and measta £ 3.2bn.
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