FLASHNOTES: $3.6 million to Flashnotes.com in a Series A round led by Stage 1 Ventures, with Runa Capital, Soft Bank Capital and Atlas Venture also participating. More details in the press release. The Boston, MA-based company has now raised nearly $7 million. Founded in December 2009, Flashnotes.com offers an online marketplace where students and sell and buy course-related study materials like study guides, notes, flashcards and videos, and also offer live video tutoring. Students earn 70% of transactions, and the top seller has made almost $12,000.
Some schools have threatened legal action against students who sell class notes. But Flashnotes argues in its FAQ that "the taking of notes by a student during a lecture amounts to their own individual impression of the important concepts being presented by the teacher. Legally, a student’s original study content including flashcards, videos, study guides and notes you take in class is that student’s intellectual property and can distributed as they see fit."