One year ago Toronto startup TextbookRental.ca partnered with Indigo Books to bring them into the textbook rental market in Canada.
The partnership with Canada's largest book retailer gave them instant credibility and this week they announced that they have closed on a $415,000 seed round financing led by Seek Capital, with participation from management.
The capital will be used to help the company accelerate increased sales activity for the upcoming school year and cement their status as the leading independent textbook company in Canada.
Textbookrental.ca rents textbooks to university and college students in Canada through their site and they have also partnered with fifteen universities and colleges including George Brown College, Dalhousie University and Fanshawe College.
Founded in 2011 by Gershon Hurwitz and Michael Stock, Textbookrental.ca hired current CEO Brandon Luft in June 2012 to accelerate the company's growth and increase its strategic partnerships.
The rise of online shopping has transformed the way in which students get their textbooks. Instead of just looking at the bookstore, students look at textbook rental sites such as ours, in addition to online marketplaces, to save huge amounts of money compared to full retail," says CEO Brandon Luft.
Textbookrental.ca also runs a buyback service, whereby students can sell their used textbooks for cash. This can be done by either by mailing their books in or by dropping them off at an on-campus "depot."