Phil McMullin, CEO and co-founder of Lakewood-based 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, Md. 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.
“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 release Tuesday.
I’ve written about the company a few times, noting that it has sold books to customers in 196 countries and has sold over 15 million books since 2004.
“We have a proven model, we are experts in that model and through economies of scale we will see even greater opportunity and profitability,” McMullin stated.
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. The company annually recycles an estimated 24 million books.
“QuestMark’s investment in Thrift Recycling Management is a tremendous validation of the company’s innovative approach to product sourcing and will provide the necessary capital for the company to continue growing while pursuing its broader mission,” stated Bryan Jaffe, senior vice president of the middle market practice at Cascadia Capital.