Edtech platform announces £11.9M Series B funding
BibliU, an e-learning platform, has announced details of its Series B funding.
The company has raised the first tranche of $15M (£11.9M) led by its current investors with participation from new investors. The funds are targeted for expansion in the U.S. market, including new product development, additional publisher partnerships and further investments in sales and marketing.
All existing institutional Series A investors – Stonehage Fleming, Oxford Science Enterprises, Guinness Ventures, and Nesta Impact Investments – participated in the round.
Additionally, Richard Hill, Head of Direct Investments at Stonehage Fleming, joins the BibliU board of directors in a newly created position.
“Since our initial investment in 2020, BibliU has experienced growth – both in the U.K. market, where half of the nation’s higher education students now have access to content through the BibliU platform, and in the U.S. market, where universities and colleges are replacing legacy bookstore models with BibliU’s digital-first solution for content,” said Richard Hill.
“We’re excited to increase our investment in BibliU and by the growth opportunity BibliU has created. We also believe BibliU is delivering significant impact not only through substantially reducing the costs of textbooks and course materials, but also by increasing student engagement and improving learning outcomes for students. This is an important aspect for our investors.”
65% of students in the U.S. admit to not buying their course content due to cost, while similar research from BibliU found that 70% 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%) said they could not afford to buy their textbooks. Since digital content equalises socio-economic disparities and students gain access to the required learning materials from day one.
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.”
Nick Dixon-Clegg, Principal, Oxford Science Enterprises, said, “Oxford Science Enterprises is delighted to invest in BibliU’s Series B, having invested in and supported the company since 2017. We are impressed by the growth being delivered by simultaneously solving problems for students, higher education institutions and publishers. We are excited to support BibliU as it continues to grow revenue and deliver its mission to expand access in the U.S. and beyond.”