Packback Raises Another $1.5M to Get More eTextbooks In Front of Students
Packback wants more students to pay less for textbooks. They just raised $1.5 million to do just that.
Chicago-based Packback, a rental service for eTextbooks, announced Tuesday it raised $1.5 million in funding in a round led by Hyde Park Angels. The funds will be used to expand eTextbook services, hire employees for the growing company, and launch a digital network that connects professors and students.
Packback was launched by Mike Shannon, Kasey Gandham, and Jessica Tenuta out of Illinois State University in 2011 and appeared on Shark Tank in 2014, where they were funded by Mark Cuban. Their service provides daily and semester long eTextbook rentals for as little as $5. The company has ambassadors at 70 campuses across the country and has digital distribution agreements with the majority of Learning Sciences Companies.
In addition to expanding their services and hiring more employees to join their 10 person team, the funding will help launch their latest product, Packback Answers. This engagement tool will work as a back and forth between professors and students based off textbook material.
“With our new product, Packback Answers, we’re providing professors with a tool to more effectively interact with their students outside of the classroom in a fully digital environment, based upon the textbook they’re already using in their classroom which we of course provide as affordable eTextbooks for students nationwide,” said Tenuta in a release.
Packback Answers is in early stages right now, but Martin Schray, adjunct professor at DePaul University, said it has been a helpful tool.
“Packback Answers allows me to drive a new level of engagement around my course textbook in my hybrid in-person/online courses,” he said in the release. “In addition to the questions I answer, Packback Answers allows students who want to demonstrate mastery of the topics the opportunity to answer questions from their peers. Packback Answers reporting enables me to see who is asking and answering questions allowing me to gamify the course with points, leaderboards and badges, which have led to increased student engagement.”
“Viewing Packback Answers from the perspective of being a professor, it makes total sense to provide a community for student engagement based on the actual content they are using in the classroom,” added Mark Tebbe, co-founder of Answers.com and adjunct professor at UChicago’s Booth School of Business in the release. “This is a no brainer for professors.”
Hyde Park Angels led the round, and Wintrust Ventures, Howard Tullman, CEO of 1871, and Cuban also participated.
“We see shifts in how all content is consumed and educational content is clearly impacted. This leads to our excitement about the market opportunity for Packback,” said Corey Ferengul of Hyde Park Angels in the release. “Combine that with our confidence in the team and we have high expectations for the future of Packback.”
Twitter @karishustad
Read more on ChicagoInno