by Deborah Gage
Why Chegg.com Was Financed With Credit And Debt
Posted on: November 20, 2009 by Deborah Gage3 Comments »
Or at least partially with credit and debt…
Insight Venture Partners led a $57 million Series D round of equity funding into the company this week, plus helped provide a $25 million credit facility. In addition, Chegg.com got a separate $30 million debt facility from Pinnacle Ventures and TriplePoint Capital. Total equity funding is now over $90 million, according to Thomson Reuters.
Chegg.com bills itself as the Netflix for college textbooks — students order books from its website and receive them in the mail, along with a prepaid envelope to return them — and it needs enough financial flexibility to be able to accommodate its fast growth, according to Insight’s Deven Parekh.
