Chegg.com has closed a $57m series D round led by Insight Venture Partners. The website, a money-saving, online textbook store that enables college students to rent textbooks, will use the money to further the company’s growth.
Chegg.com senior vice president of operations and co-founder Aayush Phumbhra said, “Some of the additional funding will be used to further enhance our commitment to best-in-class customer service and build more partnerships with publishers, wholesalers and colleges.”
Besides their involvement in the financing round, Insight led a syndicate that has provided a $25m credit facility, adding to the $30m debt facility recently acquired from Pinnacle Ventures and TriplePoint Capital.
Founded in 1995, Insight focuses its investments on global software, internet and the data services industries, and has previously made investments with companies such as SolarWinds and Twitter.
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