The idea behind Coursekit is to creat communities around the courses including the instructors and students. Besides the obvious features of calendars, grading and resources the course members can discuss, write blog post or to put it in one word: socialize.
As Coursekit is created by three frustrated college students (Joe Cohen, Dan Getelman, and Jim Grandpre) the design and user experience is in line with what you expect from modern services like Facebook, Twitter and others. Very elegantly designed and focused on the essentials which is a huge difference to established players like Blackboard.
Though the service is free to use for instructors and students alike the Coursekit team has a plan to monetize the platform. As soon as there is enough traction Coursekit could offer a storefront that provides students with books and other related products.
The $5 million round with participation of Social+Capital, David Tisch, Joel Spolsky, IA Ventures, and several angel investors follows a $1 million seed round in May 2010.
Source: New York Times