10 June 2022
BibliU, provider of a learning enablement and eTextbooks platform, has announced that it’s raised the first portion of $15 million of its Series B funding.
The new funds have been led by the company’s current investors with participation from new investors.
The funds are targeted for expansion in the US market, including new product development, additional publisher partnerships and further investments in sales and marketing.
During its 2021 fiscal year, BibliU achieved 236% growth in recognised revenue. The company officially launched its Universal Learning solution. This collates digital content from thousands of publishers and open educational resources on one platform for one low price, per student, per class.
BibliU seeks to address long-standing pain points in Higher Education that directly impact student success. Even those students with full financial aid packages that cover tuition, room and board, do not anticipate hidden costs such as textbooks and course materials. These expenses can derail a college education. Sixty-five percent of students in the U.S. admit to not buying their course content due to cost, while similar research from BibliU found that 70 percent of students in the U.K. have skipped buying their textbooks and learning materials.
The BibliU study also found that more than a third of students (35 percent) said they could not afford to buy their textbooks. Since digital content equalizes socio-economic disparities and students gain access to the required learning materials from day one, BibliU is helping colleges and universities promote diversity, equity and inclusion.
BibliU co-founder and CEO, Dave Sherwood, said, “We’re excited to announce our successful Series B, which will power our growth over the coming years. We are working with an outstanding group of investors. This funding will enable BibliU to develop additional technology that further automates content management for publishers, streamline the complexities for institutions associated with managing learning content, and – most of all – support our clients’ goals to advance student success in an equitable manner.”