Full Loan Amount
Funded by Backers
Funded by Able
FreeTextbooks is a startup revolutionizing the college experience, starting with textbooks. Students spend $14 billion every year on textbooks, and FreeTextbooks is creating an on-campus network of students to replace bookstores. Their mission is to help students get a fair (or free) price on textbooks. Students order their textbooks from the FreeTextbooks app and they are delivered within an hour. With FreeTextbooks, students can skip the notoriously long bookstore line and also get the best deal possible.
With the loan they secured through Able and their Backers, FreeTextbooks was able to scale their inventory to match their growing expansion to campuses around the country.
Able turned out to be a perfectly flexible option for boosting our inventory capital raise: cheaper than equity, flexible terms, quick close, and a killer team to work with. I also love that the backer model allows friends/mentors to be more invested in our success.