London-based ed tech start-up Perlego is close to raising a multimillion-pound funding round led by music-streaming company Spotify’s backer Northzone, Sky News has reported today.

Sources close to the deal said that other blue-chip investors would also participate in the funding round.

Perlego has stated that its aim is to become ‘Spotify for textbooks’. The company offers unlimited access to hundreds of thousands of textbooks online for a modest monthly subscription at prices lower than the cost of buying physical textbooks.

Perlego collaborates with hundreds of publishers, including the Oxford University Press, Princeton University Press and Macmillan International Higher Education. The publishers receive 65% of each subscription calculated on a consumption basis.

Date published: 13 November 2020

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