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Chicago-based RedShelf has raised a $2 million Series A round. The funding comes from the National Association of College Stores (NACS) and previous investors. The eTextbook distributor will use the new infusion of capital to improve the product, launch new features and pursue new relationships with publishers and educational institutions.
RedShelf currently has partnerships with Pearson, McGraw-Hill, Cengage, Macmillan and John Wiley & Sons, as well as 400 independent publishers. In 2015, they're looking to 350+ bookstore/campus relationships, as well as obtain 250,000+ titles to provide more digital options to readers. "We're excited to continue delivering on our goal to accelerate the transition from print to digital while working with all stakeholders," Co-Founder & CFO Tim Haitaian said.
“What we saw was a company that shares our commitment to the independent college store,” Ed Schlichenmayer, deputy CEO of NACS and COO of NACS subsidiary indiCo, said in a statement. “It’s a very store-friendly model, with no upfront costs for the store.”
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RedShelf previously raised more than $1 million in seed funding from angel investors.
“Working with NACS is a natural fit for us as we continue accelerating digital adoption at colleges across the country. There is no way that 10 years from now backpacks will be filled with paper textbooks,” Greg Fenton, co-founder and CEO at RedShelf, said in a statement. “Students expect great software in education just like they do with social media, online shopping, or game applications. Ultimately, this gives students more convenient options when purchasing learning materials.”
They currently have 14 employees and will continue to expand the team throughout 2015, most likely adding 4-8 people during the year focusing on engineering. They plan to stay in their 5,000 square foot loft space in River North.
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