Beyond the Rack Raises $25 Million More and Hires COO From Amazon

Posted by Techvibes NewsDesk

Women's Wear Daily reported late last night that Montreal's Beyond the Rack has closed a sixth round of financing totaling $25 Million and brought on Amazon veteran Mike Bhaskaran as its chief operating officer.

The e-commerce retailer has added $25 million to its coffers through contributions from three new investors, Investissement Québec, Iris Capital and Tandem Expansion Fund. Four other investors from previous rounds — Highland Capital Partners, Panorama Capital, BDC Venture Capital IT Fund and iNovia Capital — also participated.

Including a $36 million investment round in 2011, the company has raised a total of just over $70 million. The first three rounds entailed angel investors only; the latter three have relied on institutional investors.

With the additional capital, the company’s founders and management “still have important but not controlling interest,” said Yona Shtern, cofounder and chief executive officer.

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


Related Articles


blog comments powered by Disqus

Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



Who's Hiring



Recent Comments

Powered by Disqus