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We’ve previously reported on Flatworld, and it looks as if they are doing well.  This is from a just-released press bulletin:

MWSnap004 Greenhill SAVP announced today it has invested in Flat World Knowledge (“Flat World”).  Greenhill SAVP partnered with Valhalla Partners and High Peaks Venture Partners on an $8m Series A financing.

Based in Nyack, New York, Flat World (www.flatworldknowledge.com) is the world’s first publisher of open source commercial textbooks.  Flat World’s textbooks are written by world-class authors.  The company makes its books available as free web-hosted textbooks.  It earns revenue and pays its authors royalties by providing students with options to purchase print-on-demand soft cover textbooks, audio textbooks, and self-print individual chapters at a fraction of the cost of traditional textbooks.  The company enhances the learning experience by offering low-cost digital study aids like mp3 study guides, interactive web quizzes, and digital flashcards.  Faculty prefer the open-source approach employed by Flat World because it gives them more control over the classroom experience by enabling them to customize books to better suit their teaching style.

“The timing of this latest investment could not be better,” said Jeff Shelstad, co-founder and chief executive officer of Flat World Knowledge. “In these uncertain economic times, we all are looking for the best value for our preferred products and services.  Administrators, parents, faculty, and students are very intrigued by and attracted to the value provided by the Flat World Knowledge model.  With this further investment, we can continue to scale our sales and marketing activities, staff up our acquisition talent to attract more talented authors to Flat World Knowledge, and improve the overall experience for our customers

 
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