Chicago-Based Packback Raises $2.5M to Grow Its AI-Powered Platform

Financing

Chicago-Based Packback Raises $2.5M to Grow Its AI-Powered Platform

Jan 29, 2019

PACKBACK PAYDAY: Packback, a Chicago-based education company, has raised $2.5 million in a funding round led by University Ventures. Hyde Park Angels also participated.

Founded in 2012 and featured on ABC’s “Shark Tank” in 2014, the startup provides an AI-powered online discussion platform, called Packback Questions, where college students can discuss high-level topics and questions that spawn curiosity and critical thinking. The company initially offered digital textbook rentals but has since pivoted away from that service.

With the new capital, Packback will continue to expand its university user base, hoping to reach more than 500,000 students across 200 colleges and universities by the end of 2019, according to a company press release. As part of that growth, the company plans to hire 45 new employees, bringing its staff size to more than 100 by the end of 2019.

Packback has raised $10.7 million to date, based on Monday’s announcement and numbers available on Crunchbase.

 

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