RealTime IT News

Edu.com Closes on $30 Million in Financing

Edu.com, a pure-play e-commerce solution for verified college students and branded marketers, closed on $30 million in second-round funding led by strategic investor Student Advantage Inc.

Follow-on investments came from first-round participants Mayfield Fund and Information Technology Ventures and new investments came from HarbourVest Partners, Banc One Equity Capital, General Catalyst, Arcadia Partners and WaterView Partners.

The company said the funds will be used to fortify the company's technology and marketing infrastructure, acquire customers and deliver advanced database services to universities, manufacturers and service providers.

Founded in 1998 by Adam Kanner, edu.com is a multi-category e-commerce channel for manufacturers and service providers to distribute and market deeply discounted goods and services to a validated student-only audience without conflicting with other established retail channels.

Products and services currently available at edu.com include computers, software, bank services, phone and Internet services, textbooks, credit cards and electronics.

Business partners include AT&T, Adobe, BankBoston, Citibank, Epson, Fleet, Hewlett-Packard, IBM, Microsoft, Symantec, Toshiba and Wells Fargo, among others.