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Better World Books, an online retailer that resells used books and donates some of the proceeds to fund global literacy projects, has secured its first outside investment to branch out into publishing, book rentals, and international "do-gooding", reports CNet.
The company raised $4.5m in its first round of financing led by Good Capital, an institutional investor that specialises in social entrepreneurship. That money included $2m from a group of 18 private investors, whose names were undisclosed.
"Like a lot of start-ups, if we want to continue to accelerate our growth and scale, we want to invest in new business units," said David Murphy, c.e.o. of Better World Books. Murphy said that the company plans to use the money to improve its own website and efforts to bring in new books. But future projects include expanding overseas, building up a young book-publishing division, and offering a book-rental service from its website.