Beyond the Rack Closes $36.6M Funding
Beyond the Rack, a North-American online flash-sale marketplace, has closed a $36.6m funding.
The round was led by Panorama Capital, with participation from Export Development Canada, Tandem Expansion Fund, Rho Canada, and Inovia Capital. Existing investors Highland Capital Partners and BDC Venture Capital also participated.
The company, which has attracted over 5 million consumer members and over 3,000 brand partners to its marketplace, intends to use the funding to further accelerate growth and enhance logistics and distribution.
In conjunction with the funding, Shahan Soghikian, Managing Director at Panorama Capital, will join Beyond the Rack’s Board of Directors.
Led by CEO Yona Shtern, the company operates an online shopping club, which offers its members designer brand apparel, accessories, beauty, consumer electronics, and home decor products at a discounted price.
Beyond the Rack has offices in Montreal, New York, Las Vegas & Toronto with a staff of 250 full-time employees.
12/07/2010: Beyond the Rack Raises $12M