British edtech Bibliu secures funding boost with $15m injection
Existing investors including Stonehage Fleming and Nesta Impact Investments are injecting further money into the digital educational resources company.
A British education technology start-up which works with universities to provide digital access to textbooks and research materials has defied the gloomy sentiment engulfing the fundraising environment by securing a $15m (£12m) capital injection.
Sky News understands that Bibliu, which counts Oxford University and Imperial College London among its customers, will announce this week that it has raised the money from new and existing investors.
The funding will be used to help Bibliu expand in the US, including through partnerships with publishers and new product development, it said.
Bibliu argues that by reducing inequalities caused by the often-high cost of educational resources, it helps colleges and universities to promote diversity, equity and inclusion.
Existing backers including Nesta Impact Investments, Oxford Science Enterprises, Guinness Ventures and Stonehage Fleming are among the participants in the round.
Richard Hill, head of direct investments at Stonehage Fleming, the international family office, is joining Bibliu's board as part of the Series B fundraising.
"This funding will enable Bibliu to develop additional technology that further automates content management for publishers, streamline the complexities for institutions associated with managing learning content, and - most of all - support our clients' goals to advance student success in an equitable manner," Dave Sherwood, the company's co-founder and chief executive, said.
Bibliu said it had more than trebled its recognised revenue during the last financial year, and said its research had revealed that a majority of US-based students had avoided acquiring course-related content owing to its cost.
"Since our initial investment in 2020, Bibliu has experienced tremendous growth - both in the UK market, where half of the nation's higher education students now have access to content through the Bibliu platform, and in the US, where universities and colleges are replacing legacy bookstore models with Bibliu's digital-first solution for content," said Mr Hill.
"We believe Bibliu is delivering significant impact not only through substantially reducing the costs of textbooks and course materials, but also by increasing student engagement and improving learning outcomes for students."