Beyond the Rack fills closet with cash - $16.5 Million to date

Posted by Rob Lewis

TechCrunch reported this afternoon that Montreal's Beyond the Rack has raised another round of funding. The startup has announced a $12 Million round of funding from Highland Capital Partners and BDC Venture Capital. This brings the Beyond The Rack’s total funding to $16.5 Million after it's last raise in January 2010 which included Montreal Start Up.

Beyond the Rack is a members-only shopping club offering members the sought after designer brand apparel, accessories, beauty, and home and decor products at up to 70% off retail prices. Beyond the Rack sells its products in the context of a two-day, first come-first served events. Members can expect up to eight new brand events each day, starting at 11:00am EST.

In January Techvibes reported that the startup had raised $2 Million from Oleg Tscheltzoff and Oliver Jung, and Montreal Start Up bringing their total funding to $4.5 Million.

Two months ago Beyond the Rack announced that it has reached the 1 Million member mark after only one year in operation and that they were on-target to reach an annual run-rate of $100 Million in sales by the end of this year.

Launched in March 2009, Beyond the Rack has offices in Montreal and New York and a staff of 100+ full-time employees.

Company:
Beyond the Rack
Website:
http://www.beyondtherack.com
Location:
Montréal, Québec, Canada

Beyond the Rack is a private shopping club for women and men who want designer brand apparel and accessories at prices up to 80% off retail. We obtain authentic designer merchandise and provide it exclusively to our members through limited-time events. Each event starts at a specific time and typically lasts only 48 hours. After each event ends the merchandise is no longer available. Members are notified by email... more


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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of Techvibes.com.  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more



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