Chegg

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Chegg, the number one online textbook rental company, was inspired by Osman Rashid and Aayush Phumbhra’s frustration with the policies and procedures of their own university’s bookstore. Osman and Aayush knew there had to be a better solution, one that worked for students, professors and publishers alike.

Chegg was launched at Iowa State University in 2005 as a “hyper-local” classifieds directory. In fall 2007, Chegg introduced their revolutionary textbook rental service. Chegg now offers its services to more than 6,400 universities and community colleges across the country.

RENTING TEXTBOOKS WITH CHEGG

Chegg lets students rent as many textbooks as they like with just a few clicks. Books are delivered in less than a week. Renting textbooks through Chegg not only saves students a significant amount off their textbook bills, but it also eliminates the hassle of waiting in long lines at the bookstore. Best off all, with Chegg there are no monthly subscription fees or hidden charges.

Not only do students and their parents save money and time with Chegg, but they also help the environment. Over the past three years the U.S. book publishing industry has consumed an average of four million trees per year to print textbooks sold in America. Each student purchases an average of one tree per year in textbooks.

PARTNERSHIPS

Chegg has partnered with American Forests to plant a tree for every textbook that is rented bought or sold. To date, Chegg has planted more than 1.5 million trees.

WHAT’S IN THE NAME?

Chegg was launched as Textbookflix.com and in 2007 officially changed its name to Chegg, a well-thought-out combination of “chicken” and “egg.”

Milestones

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  Chegg received $30M in Debt funding. (11/19/09)
  Posted 11/19/09 at 12:52pm
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  Chegg received $57M in Series D funding. (11/19/09)
  Posted 11/19/09 at 12:32pm
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  Chegg received $25M in Debt funding. (11/19/09)
  Posted 11/19/09 at 12:52pm
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  Chegg received $25M in Series C funding. (12/17/08)
  Posted 12/18/08 at 1:51pm
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  Chegg received $4.7M in Series B funding. (6/15/08)
  Posted 11/9/09 at 9:07pm
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  Chegg received $2.2M in Series A funding. (1/07)
  Posted 11/9/08 at 10:44pm
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  Chegg added Osman Rashid as CEO, Cofounder.
  Posted 11/9/08 at 10:46pm
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  Chegg added Ousama Haffar as Marketing Products Manager.
  Posted 12/18/08 at 6:36pm
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  Chegg added Greg Soroka as Product Manager.
  Posted 12/18/08 at 6:36pm
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  Chegg added Nathan Schultz as Director Development.
  Posted 12/18/08 at 6:37pm
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  Chegg added Aayush Phumbhra as Senior Vice President, Co-Founder.
  Posted 11/20/09 at 12:00am

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Above: Home Page
Uploaded: 11/20/09

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Sources

1. venturebeat.com [edit]
2. Oren Zeev, Primera Capital (primeracapital.com) [edit]
3. Confirmed: Kleiner Perkins Gets Into Textbook Rentals As Chegg Raises $25 Million (techcrunch.com) [edit]
4. Textbook-Rental Service Chegg Raises $57 Million (blogs.wsj.com) [edit]
5. Chegg.com Secures $112 Million to Fund Explosive Growth in Online Textbook Rentals (sanfrancisco.bizjournals.com) [edit]
6. Chegg.com Secures $112 Million to Fund Explosive Growth in Online Textbook Rentals (sanfrancisco.bizjournals.com) [edit]