Chegg, the online hub that offers students an array of resources from textbook rentals to homework help, has made public its intent to raise $150 million in an initial public offering, AllThingsD reports.
Chegg, one of our Most Innovative Companies in education in 2012, first started in 2005 as Cheggpost.com, a free classified ads site for college students. After observing ads to buy and sell textbooks were among the most popular on Cheggpost, its founders pivoted the company into a textbook rental service that was often called the “Netflix for textbooks.”
Chegg is currently much more than just a textbook rental service, encompassing a network for students that focuses on making educational resources more accessible and affordable through tools such as online course scheduling, web tutoring, and a college-admissions service.
Chegg has raised nearly $200 million to date from investors including Kleiner Perkins Caufield & Byers and Insight Venture Partners.