CHICAGO--(BUSINESS WIRE)--RedShelf, a Chicago-based educational software company and one of the fastest-growing distributors of eTextbooks in the U.S., today announced it has closed a $4 million Series B led by Rick Patterson of Coniston Capital with participation from existing investors including the National Association of College Stores (NACS). The company also announced Rick Patterson has joined its Board of Directors.
RedShelf will use the funding for new product development, feature enhancements to its existing cloud-based eReader platform, and team expansion. RedShelf will hire 14 additional full-time staff members to develop new software and enhance relationships with publishers and educational institutions.
Launched in 2012, RedShelf has grown 400% year-over-year by transitioning the learning community from print to digital and giving students access to course material content at an affordable price. Today, RedShelf partners with 500+ college and university bookstores, offering students digital content from 600+ publishers at up to 60% off the cost of print.
To fuel growth and innovation for RedShelf’s proprietary software, the company sought out strategic investors that align with RedShelf’s mission and goals. Existing angel and Series A investors also participated in the Series B financing.
“RedShelf's continued growth proves they have a firm understanding of the needs of both the higher education and publishing communities,” said Rick Patterson of Coniston Capital, new RedShelf investor. “I'm excited about RedShelf because they've been able to penetrate the higher ed market with a unique business model that is making digital course materials for college students more affordable, accessible, and easy to use. The company is bringing elite educational software to the learning community and bridging the gaps between the central players in the industry.”
Using a seamless browser-based eReader solution, RedShelf provides easily accessible and cost-effective learning materials to students everywhere. As a leading supplier of digital learning materials, RedShelf provides technology to the learning community to accelerate the transition to digital. In collaboration with strategic partners, publishers, institutions, and campus bookstores, RedShelf streamlines the discovery and distribution of eBooks and other digital course materials for today's students.