Perlego, a subscription-based digital library providing unlimited access to academic titles, has secured £15 million in its latest funding round led by former Tesco CEO Sir Terry Leahy.
ITHAKA, the company behind JSTOR, the digital library of academic journals and books, has also supported Perlego on its mission to provide accessible learning materials.
The investment, also backed by MediaHuis, Raine, KPN Ventures and the founders of Kahoot, takes the total raised to $75m.
Perlego, founded in 2017, is a subscription-based digital library that aims to make learning more accessible by offering unlimited access to over one million educational titles.
Perlego partners with thousands of international publisher brands, offering an extensive catalogue of academic, professional and non-fiction content in six languages from the likes of Cengage, Routledge, Cambridge University Press, Elsevier and Harvard University Press. It is used in over 250 educational institutions worldwide.
The latest raise will allow Perlego to expand its footprint, serve more learners and institutions internationally and leverage AI to power new products designed to improve access to academic content.
It has now launched Dialogo, an AI-powered research assistant which will allow students to find the most relevant sources within Perlego’s library of academic titles, provide an overview of the results and point students toward the full text of every title cited.
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“Perlego is addressing one of the most pressing challenges in modern education – access to essential learning materials,” said Sir Terry.
“This investment is a vote of confidence in Perlego’s innovative approach to learning and the platform’s potential to reshape the educational landscape.
“Investing in the futures of young people has always been a passion of mine, and I am particularly committed to funding research in areas of regional disparity.
“I look forward to seeing how the business continues to transform access to education and I am incredibly proud to play a part in the journey that aligns so closely with my own values.”
Gauthier Van Malderen, founder and CEO of Perlego, said: “This investment represents a vital opportunity to drive meaningful change in education and AI more broadly.
“We’re passionate about providing accessible yet game-changing solutions to education. With the support of Sir Terry Leahy and our strong team of investors, we are excited to accelerate our growth and continue to empower learners worldwide.”