Existing investors, such as Stonehage Fleming and Nesta Impact Investments, pour more capital into the digital educational resources organization.
A British education technology startup that collaborates with institutions to provide digital access to textbooks and research materials has secured a $15 million (£12 million) capital round despite the grim fundraising climate.
The cash will be used to expand Bibliu in the United States, particularly through partnerships with publishers and the creation of additional products, the company stated.
Bibliu says that eliminating inequities created by the frequently high cost of educational resources assists colleges and universities in fostering diversity, equity, and inclusion.
The round includes existing investors such as Nesta Impact Investments, Oxford Science Enterprises, Guinness Ventures, and Stonehage Fleming.
As part of the Series B fundraising, Richard Hill, head of direct investments at Stonehage Fleming, the international family office, will join Bibliu’s board.
“This funding will enable Bibliu to develop additional technology that further automates content management for publishers, simplifies the complexities associated with managing learning content for institutions, and – most importantly – supports our clients’ goals to advance student success equitably,” said the company’s co-founder and CEO, Dave Sherwood.
Bibliu stated that its recognized income had more than tripled in the preceding fiscal year and that its research suggested that the majority of U.S.-based students had avoided purchasing course-related content due to its price.
Since our initial investment in 2020, Bibliu has experienced tremendous growth – both in the UK market, where half of the nation’s higher education students now have access to content through the Bibliu platform and in the US market, where universities and colleges are replacing legacy bookstore models with Bibliu’s digital-first content solution,” said Mr. Hill.
“We believe Bibliu is having a big impact not only by significantly decreasing the expenses of textbooks and course materials but also by increasing student engagement and enhancing student learning results.”
