Chegg Gets $57M

Santa Clara-based, an online provider of textbook rentals, has raised $57M in a Series D funding round, the firm said Thursday. The round was led by Insight Venture Partners. In addition to the equity funding, the firm said it has also received a $25M credit facility from a syndicate of investors led by Insight, on top of a $30M debt facility from Pinnacle Ventures and TriplePoint Capital. Chegg said that Deven Parekh form Insight joins its board as part of the funding. Chegg allows college students to rent textbooks instead of buying them. More information »