Packback provides indebted college students with the option to “pay per use” for their e-textbooks by renting for $3-$5 per day. Any money spent on One Day rentals can then be converted directly towards an extended semester or year-long access for the same title. This buys the student time to make a smart investment as opposed to rushing into a non-transparent purchasing decision at the beginning of a semester and introduces a healthy incremental revenue gain to textbook publishers while expediting the digital adoption rate in higher education.
SeedInvest investors invested alongside Hyde Park Angels, Lakewest Venture Partners, and Mark Cuban.
“Raising on SeedInvest allowed us to spend more time focusing on growing Packback,” says Packback CEO Mike Shannon. “We were able to use the capital from our round to expand our existing e-book rental services as well as launch Packback Answers, a network connecting students to collaborate and learn outside the classroom.”
“Packback has a compelling product, impressive traction, and strong investors,” says SeedInvest Investment Director Aaron Kellner. “These factors made Packback a textbook example of the type of company that we at SeedInvest like to invest in.”
This post was written by SeedInvest on October 23, 2015
Packback Closes Round on SeedInvest