Internet-based bookseller, Thrift Recycling Management (TRM), has just received an $8.5 million venture capital investment from QuestMark.
The Seattle Times detailed how TRM assesses and sorts used books for selling, donation, or recycling–breaking a wasteful cycle. CEO Phil McMullin once worked at a chain of thrift shops, watching “nearly a million books a month” get trashed. His new company sold four million books last year, yielding $27 million in revenue.
Here’s a quote from QuestMark partner Tim Krongard, from the article: “They have very powerful sourcing infrastructure with a lot of potential for growth … We believe they can go a lot further, and we’re here to take the business to the next level.” (Via Publisher’s Weekly)