BookRenter

BookRenter was an American online textbook rental company based in San Mateo, California.

BookRenter
TypePrivate
IndustryEducation
Online retailing
Founded2006 in Silicon Valley, California, US
FateAcquired by eCampus.com
Headquarters
San Mateo, California
ProductsOnline textbook rental
eTextbooks

History

BookRenter started the first online textbook rental service in 2006. Colin Barceloux founded the company as a startup in Silicon Valley after raising funds from Storm Ventures and Adams Capital.[1][2]

The idea behind BookRenter came from the frustration associated with buying high-cost textbooks when the founder, Barceloux attended Santa Clara University.[3] He teamed up with two engineer majors, Chris Williams and Philippe Huibonhoa to help him with the building BookRenter.com. The website launched to offer textbook rentals for less than the retail price. BookRenter expanded its operation by partnering with over 500 college bookstores by setting up a virtual rental store on their own websites. In 2010, it reportedly served 6 million students on over 5,000 campuses in the US.[4][5]

In 2009, Mehdi Maghsoodnia became CEO of the company, replacing Colin Barceloux.[6] In 2010, Netflix co-founder Marc Randolph joined the board of directors.[7]

In early 2012, BookRenter was rebranded as Rafter Inc. after introducing its cloud-based course materials management services to colleges and universities. Through the cloud-based platform, students could obtain course materials and college administrators, professors access and manage their educational materials.[8]

In 2014, BookRenter partnered with Staples to expand its textbook rental service delivered through Staples.com. [9]

In May 2017, the company was acquired by eCampus.com.[10][11]

Finances

BookRenter initially received financing from several venture capital firms in Silicon Valley. In 2009, it announced a Series A round of $6 million,[12] raised from Storm Ventures and Adams Capital Management, then Norwest Venture Partners led the Series B round of $10 million, which included participation from prior investors Storm Ventures and Adams Capital Management.[13][14][15]

In 2011, Bookrenter raised $40 million in funding from its investors including Storm Ventures, Adams Capital Management, Comerica Bank, Lighthouse Capital Partners, Norwest Venture Partners and Focus Ventures.[16][17][18]

Awards and recognition

BookRenter received an Interactive Media Award for "Outstanding Achievement in Ecommerce" in 2008.[19] It was the recipient of About.com’s 2012 Reader Choice Award for "Best Site for Renting Textbooks".[20]

See also

References
  1. "Company Gives College Students The Option To Rent Expensive Text Books". CBS Boston. August 23, 2011. Retrieved May 26, 2018.
  2. Goldfisher, Alastair (June 16, 2010). "BookRenter competes for huge textbook market". Reuters. Retrieved May 26, 2018.
  3. Holiday, Ryan (April 18, 2012). "7 Start-Ups Who Are Changing the Way We Learn". Forbes. Retrieved May 26, 2018.
  4. "Little Bookrenter Is Narrowing The Gap With Chegg". TechCrunch. December 10, 2010. Retrieved May 26, 2018.
  5. "BookRenter Opens Up Textbook Rentals To Campus Bookstores And Other Partners". TechCrunch. March 4, 2010. Retrieved May 26, 2018.
  6. "BookRenter.com Names Mehdi Maghsoodnia Chief Executive Officer as Company Witnesses Explosive Growth". June 24, 2009. Retrieved May 26, 2018.
  7. "BookRenter Adds Netflix Co-Founder Marc Randolph To Its Board Of Directors". TechCrunch. May 7, 2010. Retrieved May 26, 2018.
  8. Geron, Tomio (February 28, 2012). "Bookrenter Becomes Rafter, A Content Platform For Colleges". Forbes. Retrieved May 26, 2018.
  9. "BookRenter Raises $40 Million To Take On Chegg In Textbook Rentals". Yahoo Finance. January 14, 2014. Retrieved May 26, 2018.
  10. "eCampus.com Announces Expanded Course Material Solutions with Purchase of Rafter Assets, Including Rafter360". May 2, 2017. Retrieved May 26, 2018.
  11. "ECampus.com ALL Access Partners with Schreiner University to Offer In-Tuition Textbook Model to Save Students Up to 50% or More on Textbook Costs". WENY-TV. May 14, 2018. Archived from the original on May 26, 2018. Retrieved May 26, 2018.
  12. "Textbook Rental Market Heats Up: BookRenter Raises $6M Series A". TechCrunch. November 29, 2009. Retrieved May 26, 2018.
  13. "BookRenter Raises $10 Million To Be The Netflix For Textbook Rentals". TechCrunch. June 3, 2010. Retrieved May 26, 2018.
  14. "Bookrenter Binds Up $10M More As Textbook Rentals Spread". The Wall Street Journal. June 3, 2010. Retrieved May 26, 2018.
  15. "BookRenter raises $10M to challenge Chegg in textbook rentals". Venture Beat. June 3, 2010. Retrieved May 26, 2018.
  16. "BookRenter Takes In $40M, Seeks to Overtake Chegg in College Textbook Rentals". February 23, 2011. Retrieved May 26, 2018.
  17. "BookRenter raises $40M". www.bizjournals.com. February 23, 2011. Retrieved May 26, 2018.
  18. "BookRenter Raises $40 Million To Take On Chegg In Textbook Rentals". TechCrunch. February 23, 2011. Retrieved May 26, 2018.
  19. "Interactive Media Awards – Winners Gallery". Retrieved May 26, 2018.
  20. "Bookrenter.com Review – Is it Really Cheaper?". Retrieved May 26, 2018.
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