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Perlego Raises $50M To Build Out Its Vision Of Being The ‘Spotify For Textbooks’

Perlego Raises $50M To Build Out Its Vision Of Being The ‘Spotify For Textbooks’

03/15/22, 9:03 AM
Location
https://purecatamphetamine.github.io/country-flag-icons/3x2/CA.svglondon
Money raised
$50 million
Industry
other
software
Spotify helped pave the way for a new model for consumers to listen to music: pay a monthly fee to stream whatever you want, with no need to own any physical or digital versions of it. Now, a startup called Perlego, which has been applying that concept to academic textbooks, has picked up $50 million to expand its business after seeing its platform boom through Covid-19. The London startup currently has 400,000 paying subscribers who get all-you-can-read access to some 850,000 titles — textbooks, fiction and other literature that students are assigned as coursework at universities and other higher-learning institutions. That catalogue, the startup says, makes Perlego the largest online textbook subscription service in the world.

Company Info

Company
Perlego
Location
london, ontario, canada
Additional Info
Now, a startup called Perlego, which has been applying that concept to academic textbooks, has picked up $50 million to expand its business after seeing its platform boom through Covid-19. The London startup currently has 400,000 paying subscribers who get all-you-can-read access to some 850,000 titles — textbooks, fiction and other literature that students are assigned as coursework at universities and other higher-learning institutions. That catalogue, the startup says, makes Perlego the largest online textbook subscription service in the world. The company currently has a two-week free trial before users have to either pay monthly (£12 in the U.K.; $18 in the U.S.) or annually (which works out to £8; $12 per month). We’ve watched the company soar since our first investment, and are excited to double down on our commitment to the company in their Series B. Perlego claims that in 2021, it intercepted 2.1 million searches online for “free” pirated textbooks.