Online textbook subscription service Perlego has announced the close of a $50million Series B funding round.

The round was led by Mediahuis Ventures, the venture capital firm of European media group Mediahuis, with participation from Raine Ventures, the venture capital arm of Raine Group, and Evli Growth Partners.

The EdTech platform said it would use the funding to accelerate its growth globally, with particular focus in the US, which it says is “struggling with the rising costs of education, remote learning and course completion.”

“We built Perlego to help make learning more accessible and affordable for all," said Gauthier Van Malderen, chief executive, Perlego. "We’re meeting learners where they are, online, while helping the publishing industry move to digital in a way that works for them.

"This investment will help us bring our platform to more people and give them important additional learning tools. With deep experience in helping technology companies grow, we’re thrilled to be working with the Raine Group and Evli, and to continue our partnership with Mediahuis Ventures.”

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