Phil McMullin, chief executive and cofounder of Lakewoodbased Thrift Recycling Management, called this week to announce that after a two-year effort to attract capital, his company has received $8.5 million in financing.
TRM sells used books online, donates books to charity and recycles used books that have been donated by the public.
The new equity partner is QuestMark Partners of Baltimore. The capital-raising effort was led by Cascadia Capital of Seattle.
“It’s a lot of money for us. It’s not incremental, it’s exponential,” McMullin said.
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“This new financing will allow Thrift Recycling to maintain its rapid growth and leadership position in the online used media space. We plan to use the capital to expand current operations to 20 locations and execute quality acquisitions as they arise,” McMullin said in a news release Tuesday.
TRM closed its last fiscal year with revenue of $27 million, and over the past three years has provided 3.7 million books to schools, libraries and families worldwide through Learning Tree and other literacy-based charities.