Wash. book recycler gets VC backing
It is kind of a shame thinking about out-of-date and used books ending up in landfills. After all, couldn't those books be put to better use? That's the idea behind Thrift Recycling Management, a Lakewood company which recycles old books and resells them online to benefit nonprofit organizations. Now, the 7-year-old company is getting a boost, announcing that it has secured $8.5 million in equity financing in a deal led by venture capital firm QuestMark Partners.
The new money will be used to grow the business, which has expanded into the resale of used toys, electronics and clothes in recent years. Cascadia Capital, a boutique investment bank, helped broker the deal.
The company's business appears to be doing well. For the last fiscal year, Thrift Recycling reported $27 million in revenue. It employs more than 300 people, and over the past five years the company claims that it has saved some 100 million pounds of books from going to landfills.
John Cook has the full scoop over at TechFlash.
If you are commenting using a Facebook account, your profile information may be displayed with your comment depending on your privacy settings. By leaving the 'Post to Facebook' box selected, your comment will be published to your Facebook profile in addition to the space below.