Flat World Knowledge has issued a press release indicating that they have received a total of $8 million from several investing groups. The Managing Director of Greenhill SVP, one of the investment groups that contributed to the $8 million, wrote on his blog about the decision to invest in Flat World Knowledge:
As the recession has deepened, enrollments in colleges rise, university budgets are being cut, and everyone is being asked to do more with less. In response many institutions of higher learning have been forced to raise tuition and fees to keep the lights on while students who are already struggling financially are asked to shoulder an even higher financial burden.
The current situation is not sustainable, particulary in today’s economic and political climate. A perfect storm is brewing that’s created the ideal conditions to disrupt the college textbook market and rewrite all the rules.
The investment was also reported on SmartMeme, peHub and David Wiley’s blog.
