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.