CASH FOR TEXTS: Perlego, a U.K.-based company, which offers subscription access to a library of content, including digital textbooks, has raised $4.8 million in funding, reports TechCrunch. Venture fund ADV led the round, with participation from existing angel investors such as Simon Franks, Alex Chesterman and Peter Hinssen.
Perlego launched in January 2017. Since then, it’s signed on 650 publishers, including Cengage Learning. Per the TechCrunch report, publishers get 65 percent “of each subscription on a consumption basis.” Perlego told TechCrunch it will use the new funds to grow the company across the U.K. and Europe, and to invest in its product. According to Crunchbase, the company previously raised about £900k or $1.1 million in 2018 dollars.
