Packback Books Net Worth
When the founders of PackBack entered the Shark Tank, they were seeking a $200,000 investment for a 10% stake, which implied a valuation of $2 million.
However, they ended up accepting Mark’s offer of $250,000 for a 20% stake, which brought the valuation down to $1.25 million.
What are Packback Books and Who Founded Packback?
PackBack is a service that provides students with an affordable and convenient way to access textbooks on a pay-per-access basis. Through this service, students can pay for access to their required textbooks and immediately start reading them online using PackBack’s e-textbook platform.
The platform includes all the standard features found in other e-textbook applications, such as highlighting and note-taking tools.
The founders of PackBack are Casey Gandham, Mike Shannon, and Nick Currier. All three of them are former students of Illinois State University who started the company with the goal of helping students overcome the high cost of college textbooks.
According to PackBack Books, the cost of textbooks has risen four times faster than the rate of inflation. On average, college students spend around $1000 a year on textbooks, but they don’t use them every day.
PackBack Books addresses this problem by leasing electronic textbooks online for as little as $5 per day. This way, students only pay for the books they need when they need them, which can save them a significant amount of money.
Additionally, if a student decides to purchase an e-textbook, the student’s previous rental costs are applied toward the purchase.
In summary, PackBack is a textbook rental service founded by Casey Gandham, Mike Shannon, and Nick Currier, which offers students an affordable and flexible way to access their required textbooks.
What happens to Packback at the Shark Tank Pitch?
Packback was established in 2011 and became more popular over time. The founders sought a Shark to assist them in expanding their e-platform and gaining exposure.
In Season 5 episode 21, the Packback team appeared on Shark Tank, seeking a $200,000 investment in exchange for 10% stock, with a suggested valuation of $2 million.
They presented their idea that textbook costs had increased by 812% in the last decade. Their business model allowed students to pay for textbook access on a per-use basis, micro-packaging the e-book rental model.
They had a lease agreement with a large publisher, but they hoped to secure more partnerships if they demonstrated success with the format. Currently, the publisher retained 75% of the rental fee, which was the industry standard.
Some Sharks were skeptical of their business model. Barbara Corcoran believed the publishers would not partner with them, while Kevin O’Leary thought that the transactions necessary to sustain their economic model would take too long to negotiate. Robert Herjavec did not believe in their concept.
Daymond John, who lacked a college degree and had dyslexia, preferred investing in companies in which he had some expertise.
Mark Cuban expressed interest, but he thought that 10% was too low. He asked for a greater stock offer. Casey and Mike discussed it and offered Mark 17.5% of the business in exchange for $200,000. Mark countered with 20% for a total of $250,000. After some negotiation, the couple agreed to Mark’s deal, increasing the company’s valuation to $1.25 million.
After appearing on the show, the founders secured an additional $1 million in funding. They continued with their cautious development strategy, expanding their reach to publishers and institutions.
In February 2016, they rented office space, establishing the basis for their long-term success. While some Sharks were skeptical, Mark Cuban’s investment in Packback appeared to be a good one.
Packback Net Worth
The PackBack enters Shark Tank seeking a $200,000 investment in exchange for 10% stock, suggesting a $2 million valuation.
They accepted an offer from Mark of $250,000 for a 20% stake, which brings the valuation to $1.25 million.
Chegg.com a textbook-rental service that maintains a strong presence throughout the United States, and specializes in college textbooks and other course materials is a Competitor of Packback.
Packback Books Shark Tank Updates
PackBack Books is a textbook rental service that appeared on Shark Tank Season 5. The company was founded by Kasey Gandham, Mike Shannon, and Nick Currier, who were Illinois State University students at the time.
The founders pitched their business to the sharks, asking for $200,000 in exchange for 10% equity. Mark Cuban made an offer of $250,000 in exchange for 20% equity, which the founders accepted. The deal brought the valuation of PackBack Books down to $1.25 million.
In August 2018, PackBack announced that it would be ending support for PackBack Books, its eTextbook rental service, and textbook price comparison services, to focus on its AI-powered discussion platform for college students.
The company raised $2.5 million in funding in 2019, led by Hyde Park Angels and Wintrust Ventures. However, there is no recent update on the company’s progress on Shark Tank or its current status.
Packback Books Shark Tank Table Summary:
|The original valuation of PackBack was $2 million for a 10% stake. They accepted $250,000 for 20% of the company, which brought the valuation down to $1.25 million.
|Casey Gandham, Mike Shannon, and Nick Currier
|PackBack is a service that provides students with an affordable and convenient way to access textbooks on a pay-per-access basis.
|PackBack leases electronic textbooks online for as little as $5 per day. If a student decides to purchase an e-textbook, the previous rental costs are applied toward the purchase.
|Shark Tank Pitch
|In Season 5, the founders sought a $200,000 investment for a 10% stake with a $2 million valuation. Mark Cuban offered $250,000 for a 20% stake, bringing the valuation down to $1.25 million.
|PackBack announced in August 2018 that it would be ending support for PackBack Books to focus on its AI-powered discussion platform for college students.
|The company raised $2.5 million in funding in 2019, led by Hyde Park Angels and Wintrust Ventures.
What Are Packback Books, Founder, and How Does Packback Work?
Packback is an education technology company that builds “smart” discussion communities to allow professors to promote and assess critical thinking in students.
Packback was founded in 2011 by Casey Gandham, Mike Shannon, and Nick Currier, who were students at Illinois State University at the time. Packback offers digital copies of textbooks to students at a fraction of the cost of traditional textbooks.
As of August 2021, undergrad students spent over $1200 per year, on average, on textbooks. Packback’s goal is to make education more accessible and affordable for students.
Packback’s AI learning platform is designed for inquiry-based discussion, writing assignments, and instructor coaching. The platform uses artificial intelligence to automate activities required to maintain and facilitate academically rigorous discussions.
Teachers and professors use Packback to scale the Socratic Method and drive student engagement through online discussions.
The “Digital Teaching Assistant” features in Packback can handle quality control, discussion moderation, and feedback to students. Packback’s AI technology also provides personalized feedback to students on their writing assignments.
What Happened To Packback Books After Shark Tank?
Packback Books is a textbook rental service that appeared on Shark Tank in 2014. The entrepreneurs, Casey Gandham and Mike Shannon pitched their business to the Sharks and received a $250,000 investment from Mark Cuban for a 20% stake in the company.
After appearing on the show, Packback Books was able to land over $1 million in additional investments. The company continued on its path of slow growth and reaching out to publishers and colleges.
In February 2016, they rented actual office space for the first time, moving into brick-and-mortar offices and laying the foundations for their long-term success.
In 2019, Packback Books made headlines when it landed $2.5 million in funding. However, in 2023, Packback announced that it will discontinue support for Packback Books, their eTextbook rental and textbook pricing comparison services.
The reason for this decision is unclear. Packback Books was founded by three Illinois State University students who started the business to help students combat the high price of college textbooks.
Packback Books rented e-textbooks online for just $5 a day, and students only rented the book when they were going to read it and saved money. If a student decided to buy an e-textbook, previous rental fees for that book were credited toward the purchase.
What Is The Current Valuation Of Packback Books?
Packback Books’ current valuation is not explicitly stated. However, in 2019, the company had more than $10 million in funding. When the founders of Packback entered Shark Tank, they were seeking a $200,000 investment for a 10% stake, which implied a valuation of $2 million.
However, they ended up accepting Mark Cuban’s offer of $250,000 for a 20% stake, which brought the valuation down to $1.25 million.
Packback Books is a digital textbook lending service that provides students with an affordable and convenient way to access textbooks on a pay-per-access basis.
The company’s books are all digital and are stored in a Packback “Bookshelf” where students can see all of their active and past book rentals. With Packback, students can easily open and read their active rentals on any device right in the browser.
Is The Packback Books Still In Business?
Packback Books, a textbook rental service, is no longer in business. On August 7th, 2018, Packback ended support for Packback Books, its eTextbook rental service, and textbook price comparison services. The company is still in business, but Packback Books is no longer operational.
Packback Books was founded by Casey Gandham, Mike Shannon, and Nick Currier, who were Illinois State University students turned entrepreneurs.
They pitched their textbook rental service on Shark Tank in 2013 and raised $2.5 million in funding in 2019. However, Packback Books was discontinued in August 2018.
Packback, the company behind Packback Books, is still in business and has expanded its services to include Packback Questions, a platform that uses artificial intelligence to facilitate online discussions in college courses.
As of November 2022, Packback Questions is in use in over 250 universities and has annual revenue of $4.2 million.
How much does it cost to rent an e-book?
PackBack Books leases electronic textbooks online for as little as $5 per day.
Who created Packback?
Casey Gandham, Mike Shannon, and Nick Currier created Packback.
How do they acquire Packback access?
To begin, they must register an account if they haven’t already done so and create a Community Lookup key that they may use to discover a community (their course) on Packback.
Simply sign in to their account and navigate to the Join a Community page.
Is there a Packback application available?
Unfortunately, they do not currently have an iPhone/Android app. However, they can reach them using their mobile browser.
How can they undo a Packback operation?
After they’ve established the connection, they’ll have a few options to undo it.
Simply click it to return to their choice of Packback communities and choose the relevant one.
Who featured posts in Packback?
Their professor or a Packback Community Manager will highlight posts each week that adhere to the Packback Community Guidelines.
Following that, the highlighted pieces are sent through email in a weekly digest called the Curious Reader Digest.
Is it possible to obtain a refund on Packback?
To seek a refund, please contact their support staff using their Support Request form and use the subject line “Refund Request.”
When contacting them for a refund, please include the email address used to establish their Packback account and the name of the community from which they wish to be removed.
Why are they required to pay for access to Packback?
They serve as a resource for both students and instructors.
To keep Packback a safe and enjoyable community, their crew devotes untiring effort to moderation and coaching.
The access charge they pay helps fund the cost of their team’s services.
Can they cite more than one source on Packback?
If they wish to mention many sources, they should use a semi-colon to separate them.
What is the net worth of Casey Gandham?
Casey Gandham is worth over $ 75 million.
What is the net worth of Mike Shannon?
What is the net worth of Nick Currier?
Nick Currier’s net worth is $400,000.