Renting textbooks has become a trendy option for many college and university students thanks to TextbookRental.ca and their partnership with Indigo Books. After working with Canada’s largest book retailer, TextbookRental.ca was able to secure guaranteed financing and closed a deal for a $415,000 seed round financing led by Seek Capital. Managerial participation was also seen to be a main factor in the process.
With such an amount locked down by the startup, it is expected that it will be used to speed up selling, marketing and other related activities. This will also be beneficial due to the upcoming school year and will make them a major player even though they are an independent textbook company in Canada. Establishing themselves as a leader in the market is more important than any other aspect at the moment. The startup wants to make their brand one that will be recognizable across the nation and the top choice of every prospective and current student.
GershonHuwitz and Michael Sock founded the company back in 2011 and currently have CEO Brandon Luft on board to make sure that the company is doing the right things in order to sustain growth and continue progressing. Luft’s leadership qualities and services were acquired back in June of 2012.
Through their partnership with 16 universities and colleges around Canada, textbooks are rented out to students through their site. This is seen by many observers as being a secure and traditional way of locking down a base of consumers through an agreement with an institution instead of going completely solo.
Textbookrental.ca hopes to take utilize the host of advantages offered by running their business online. Transforming the way students now study and gather their study materials is what will ultimately build the company. Instead of having to go to a library, search countless hours for specific study material and having the burden of physically carrying all that material; modern technology allows people to fit thousands of books right into their pockets in the form of a pen drive.
Saving on space and travelling is not the only benefit of shopping online for textbooks, but ultimately, students will save on money that can be put to better use. With the biggest concern being paying off their student loans and tuition fees, each dollar saved can make the difference.
Source: TechVibes
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