Chegg, the company who runs Textbookflix, has hauled down a massive $20 million in Series C funding to help grow the company, and likely keep the company chugging along during the coming economic lean times.
The economic lean-ness may be part of the secret to their success, however. The service is a textbook rental company that allows college students to save cash by borrowing books on a model similar to the one employed by Netflix.
In addition, Chegg is also launching (in conjunction with the funding announcement) a new green initiative – for every book rented, bought, sold or donated, they have pledged to plant a tree.
According to their company info, they’ve already planted over 25 city blocks worth of trees in Malawi, Guatemala, Mexico, Pakistan and the U.S., a move that is certain to please all the tree hugging hippies in America’s Liberal Elite colleges (not a bad marketing move, eh?).