BibliU, provider of a learning enablement platform, today announced details of its Series B funding. The company has raised the first tranche of $15M led by its current investors with participation from new investors. The funds are targeted for expansion in the U.S. market, including new product development, additional publisher partnerships and further investments in sales and marketing.
All existing institutional Series A investors – Stonehage Fleming, Oxford Science Enterprises, Guinness Ventures, and Nesta Impact Investments – participated in the round. Richard Hill, Head of Direct Investments at Stonehage Fleming, joins the BibliU board of directors in a newly created position.
“Since our initial investment in 2020, BibliU has experienced tremendous growth – both in the U.K. market, where half of the nation’s higher education students now have access to content through the BibliU platform, and in the U.S. market, where universities and colleges are replacing legacy bookstore models with BibliU’s digital-first solution for content,” said Richard Hill, Head of Direct Investments, Stonehage Fleming. “We’re excited to increase our investment in BibliU, and by the growth opportunity BibliU has created. We also believe BibliU is delivering significant impact not only through substantially reducing the costs of textbooks and course materials but also by increasing student engagement and improving learning outcomes for students. This is an important aspect for our investors.”
BibliU addresses long-standing pain points in higher education that directly impact student success. Even those students with full financial aid packages that cover tuition, room and board, do not anticipate hidden costs such as textbooks and course materials. These expenses can derail a college education. Sixty-five percent of students in the U.S. admit to not buying their course content due to cost, while similar research from BibliU found that 70 percent of students in the U.K. have skipped buying their textbooks and learning materials.
The BibliU study also found that more than a third of students (35 percent) said they could not afford to buy their textbooks. Since digital content equalizes socio-economic disparities and students gain access to the required learning materials from day one, BibliU is helping colleges and universities promote diversity, equity and inclusion.
During its 2021 fiscal year, BibliU achieved 236 percent growth in recognized revenue. The company officially launched its Universal Learning solution, which aggregates digital content from thousands of publishers and OER (open educational resources) sources on one platform for one low price, per student, per class. Reception from the higher education market was positive, enabling BibliU to welcome new clients such as Wichita State University of Applied Sciences and Technology, Jackson College, and Dublin’s Trinity College to the platform.