London-based Perlego has secured a £500,000 seed round for its e-book platform, which is meant to help students with expensive textbook prices. Private angels from the United Kingdom, Belgium and France participated in the round. The company had previously raised an angel investment round in August 2016.
Perlego's innovative e-book platform aims to help Europe’s 19.8 million students struggling with expensive textbooks. Over the past few years textbook prices have increased by over 207%, through production costs have dropped.
The platform offers academic and professional content in which students can access a wide variety of subjects for a monthly subscription fee. The startup has already partnered up with over 240 publishers including Packt publishing, Oxford University Press, Palgrave and Elsevier, offering over 85,000 e-books.
“Our aim at Perlego is to make educational & professional content more accessible and affordable," commented CEO and founder Gauthier Van Malderen in a statement. "By removing the local bookshop's mark up and via our weighted average factor royalty pool, publishers receive the same revenue as through the traditional print model.”
The new funding will be used to grow the team, build publishing partnerships and continue developing the platform.