Fenwick & West LLP represented its client Chegg, Inc., the number one online textbook rental company based in Santa Clara, CA, in Chegg's $57 million Series D financing. Insight Venture Partners led the round of equity financing, and also led a syndicate that provided a $25 million credit facility. Pinnacle Ventures and TriplePoint Capital also participated in the financing. Chegg intends to use the additional capital to further fuel the company’s growth, enhance its commitment to customer service and build more partnerships with publishers, wholesalers and colleges.
Chegg launched its Netflix-like textbook service in 2007 and now the company services students at over 6,400 universities and community colleges across the country. With just a few clicks, Chegg students rent as many textbooks as they like; books are delivered in less than a week, and students save money off their textbook bill. In addition, students support the environment when they use Chegg.com; the company plants a tree for every textbook rented, bought or sold. To date, Chegg.com has successfully planted close to 1.5 million trees around the world.
"Our ability to raise significant capital and attract leading investors during a tough economy is a testament to the quality of Chegg's service," said Osman Rashid, co-founder and chief executive officer for Chegg. "We appreciate the support and expertise of Fenwick & West in negotiating and completing the round at this critical period in our growth, and doing so in such a tight time frame."
Chegg's press release, including additional information regarding the company and the transaction are available on PR Newswire.
Established in 1972, Fenwick & West provides comprehensive legal services to technology and life sciences clients of national and international prominence. Fenwick & West is committed to providing innovative, cost-effective and practical legal services that focus on global technology industries and issues. We differentiate ourselves by having a deeper understanding of our clients' technologies, industry environments and business needs than is typically expected of lawyers.