RedShelf Secures $25 Million Series C Financing to Continue Expansion of Digital Course Materials in Higher Ed
RedShelf, Inc., a leading distributor of digital course materials in higher education, today announced the closing of a $25 million Series C financing led by an entity advised by DNS Capital (DNS). The new financing will fuel RedShelf’s employee growth, product innovation, customer service, and expansion within the higher ed market.
Since 2012, RedShelf has worked alongside campus bookstores, professors, universities, and students in higher ed to streamline the selection, adoption, purchase, and distribution of digital course materials. RedShelf currently partners with over 600 campus bookstores and offers more than 500,000 digital titles across 400 publishers.
RedShelf’s impact on the higher ed industry is demonstrated by its recent recognition as the nation’s second fastest-growing private education company and 121st fastest-growing private company overall by Inc. magazine. With user growth that has doubled year-over-year since 2012 and is expected to increase even more significantly in 2019, the company continues to play a leading role in transitioning the higher ed sector from print to digital course materials.
“RedShelf was founded to provide best-in-class, student-focused education software that makes course materials more affordable, accessible, and effective,” said RedShelf CEO and co-founder Greg Fenton. “The industry is undergoing a massive transition from print to digital, and with this Series C financing, we’ll continue to be one of the industry’s fastest growing edtech companies and be equipped to take digital course materials to the next level.”
The Series C positions RedShelf to continue expanding its product suite which currently includes:
- RedShelf eReader: An accessible web-based eReader solution on which students access their digital textbooks anywhere, from any device
- RedShelf Inclusive: A scalable content delivery program that provides students access to the most affordable digital course content on their first day of class
- RedShelf Bookstore: A customizable solution for in-store and eCommerce transactions
- RedShelf Adopt: An independent tool that streamlines the adoption process between bookstores and professors
“RedShelf is at the forefront of educational technology, helping modernize the way students access and interact with their learning materials while improving outcomes across higher education,” said DNS Capital Chairman & CEO Michael Pucker. “They have the right strategy, technology and team to lead this important digital transformation, and we look forward to working closely with the RedShelf team and the company’s other investors to support RedShelf’s long-term growth plans.”
In addition to the investment made by DNS, several new investors participated in the Series C round including former COO and CTO of Morningstar Tao Huang, CEO of Trading Technologies Rick Lane, and Executive Chairman and co-founder of Shiftgig, Eddie Lou. Managing Director of DNS Capital, Charles Tollinche, will be joining RedShelf’s Board of Directors.
RedShelf was advised by Robert W. Baird & Co., Inc. and its legal counsel was Foley & Lardner LLP. DNS Capital was advised on legal matters by Latham & Watkins LLP.