Better World Books, a Mishawaka, Indiana-based for-profit social enterprise that operates an online bookstore to fund literacy initiatives, has received $4.5 million in a Series A Preferred round of funding. This round was led by Good Capital, which invested $2.5 million from its Social Enterprise Expansion Fund. Eighteen private individuals also invested a total of $2 million in this round. Kevin Jones, Principal and Co-founder of Good Capital, will also join the Board of Directors of Better World Books.
In the press release announcing this investment, Better World Books CEO David Murphy said:
This investment from Good Capital and other private investors will have a huge impact on our ability to promote and support literacy on a much bigger scale around the world. Better World Books was founded on a simple belief that businesses can do good and do well at the same time. We are thrilled that Good Capital and our other partners have embraced Better World Books’ unique model with growth capital that protects our core values while providing the acceleration to help us expand our business.
Better World Books has more than two million new and used titles in stock in its online bookstore. It acquires its used inventory through partnerships with more than 1,600 college campuses and 900 libraries nationwide. Since its founding in 2003, Better World Books has raised $4.5 million for its non-profit literacy, library and college partners; saved more than 6,500 tons of books from landfills; and achieved 2,400 tons of carbon offsets through carbon-neutral shipping. The company generated more than $16 million in revenue in 2007.
The following video provides additional information on the impact of Better World Books.
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