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 aims to address long-standing issues in higher education that directly impact student success, namely the hidden costs associated with textbooks and course materials. Sixty-five percent of students in the US admitted to not buying their course content due to cost.
Similar research from BibliU found that 70% of students in the UK have skipped buying their textbooks and learning materials.
With digital content having the ability to help equalise socio-economic disparities, BibliU hopes to help 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.
“This funding will enable BibliU to develop additional technology that further automates content management for publishers. It will also 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.”