Perlego, a leading streaming service for educational books hasannounced that they’ve closed their Series A fundraising round at a total of £7 million ($9 million).
The round brought with it a number of notable new investors to Perlego. These include Charlie Songhurst, Dedicated VC and Thomas Leysen (Chairman of Mediahuis and Umicore). Further financing was also contributed on a pro-rata basis by Perlego’s existing investors including ADV, Simon Franks and Alex Chesterman.
Perlego is on a mission to make education material accessible for all. Providing access to over 250,000 eBooks, from over 2,300 publishers, cross-device and in multiple languages – Perlego now includes content from key publishers in Germany, the Nordics and Italy.
In addition to Perlego’s success in the academic sector, a significant interest from professionals (30% of users) has indicated the scale of the impact that its affordable academic content could have on knowledge sharing far beyond the formal education sphere.
While students in the UK can spend on average £400 per year on their textbooks, Perlego gives its readers access to the entire digital library for £12 per month.
Gauthier Van Malderen, co-founder and CEO at Perlego said: “Learning should be accessible for all, but unfortunately, the economics of the publishing industry means that this isn’t always possible. With Perlego, we can change this. Our platform widens access to educational materials at an affordable rate while concurrently driving profitability for the publishing sector. This means that more people will be able to enjoy the opportunities afforded to them by education.”
Brent Hoberman, Co-Founder and Executive Chairman, Founders Factory added: “With digital services like Perlego, the industry is one step closer to tackling the accessibility issue in education, and publishers can enhance their bottom line through textbook streaming. This business also offers something unique and exciting that appeals to both the academic sector and professionals simultaneously.
“At Founders Factory we couldn’t be happier to be a part of Perlego’s journey and provide ongoing support for such a talented, young team.”