Beyond the Rack Closes $25M Funding
Beyond the Rack, a Montreal, Canada-based e-commerce company, recently closed a $25m funding.
The round was led by Investissement Quebec, Iris Capital and Tandem Expansion Fund, with participation from existing investors Highland Capital Partners, Panorama Capital, BDC Venture Capital IT Fund and iNovia Capital. In conjunction with the funding, Alex Moorhead from Tandem Expansion Fund will join Beyond the Rack’s board of directors.
The company intends to use the funds to further expand operations.
Led by Yona Shtern, CEO, Mike Bhaskaran, Chief Operating Officer, and Jim Weinberg, President and Chief Merchandising Officer, Beyond the Rack, is an e-commerce platform which offers designer brand apparel, accessories, beauty, and home decor products at discounted prices.
Products are sold in the context of limited-quantity events with members who can expect up to 30 new events each day.
The company has over 10 million consumer members, 5,000 brand partnerships and e-commerce operations in both Canada and the United States with offices in Montreal, Toronto, New York and Las Vegas.
23/10/2012: Beyond The Rack Receives $10M Venture Debt Financing
09/11/2011: Beyond the Rack Closes $36.6M Funding
11/02/2011: Beyond the Rack Receives $3M Loan from MMV Financial
12/07/2010: Beyond the Rack Raises $12M
28/01/2010: Canada, Beyond the Rack Raises $2M in Equity Financing