August 5, 2009
Integrated textbook marketplace seeking out more university clients
President and CEO Brian Jacobs founded Akademos in 1999, naming it after the olive grove site where Plato set up the first true university. With the spirit of reason and free exchange of ideas in mind, Akademos seeks to be the number one stop for educational institutions and students who need a platform for buying and selling textbooks.Akademos just raised $2.5 million in venture capital funding from Kohlberg Ventures, it was announced today.
The Norwalk, CT-based company partners with educational administrators to implement a streamlined and fully customizable Web site where faculty can list the textbooks their classes will be using. Teachers can even upload digital content for students to download. Finally, students login to the integrated marketplace in search of textbooks and class materials, and are given the opportunity to buy new or used books. At the end of the year, many students opt to trade their books back in, receiving a 60% buyback value from Akademos.
Caritas Labouré College is the currently featured client on Akademos’ Web site. When logging into the specifically tailored site Akademos has setup for the college, students of the college simply select their term, search for classes, and easily find textbooks assigned to them. According to a small daily updated widget in the sidebar, Caritas Labouré students have already saved over $44,000 in total.
Akademos also announced a few new board changes. Scott Eagle, a former eHarmony marketing executive, and Bill Youstra, who helped AOL in its blastoff to 20 million users as an executive in the ‘90s, will both be joining Akademos’ Board of Directors.
With this new round of funds and the small board changes, Akademos hopes to expand the permeation of its integrated textbook marketplace by reaching out to more clients.
