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Flat World Knowledge Closes $700,000 in New Funding, Continues Series A Round

By: Chris Riedel

10/28/2008

Flat World Knowledge has recently completed a funding round that has generated $700,000, bringing the company's total funding to-date to $1.4 million.

According to the announcement, the open-source college textbook publisher secured funds from a variety of angel investors, including educators, media executives, and authors, among others. The company has also expressed plans to conclude a Series A round within the next six months, where funds will be secured through venture firms, "and/or" strategic partners.

"We're pleased to complete this funding round under favorable terms, especially in light of the uncertain economic environment," said Jeff Shelstad, co-founder and CEO of Flat World Knowledge, in a prepared statement. "Our investors recognize that higher education is one of the few markets that actually benefits from recessionary economic environments. Our unique business model of selling high quality, low cost, open source textbooks is ideally suited to price-conscious students and educators."

In conjunction with the close of funding, Flat World Knowledge has announced the expansion of its advisory board, with the addition of former Simon & Schuster CEO, Jonathan Newcomb. The company has also expanded its sales and marketing team, in preparation for its formal launch in spring 2009.


About the author: Chris Riedel is a freelance writer based in Florida. He can be reached here.