Montreal's Beyond the Rack today announced that it has closed a $36.6 million investment round led by Silicon Valley-based Panorama Capital with additional investment from Export Development Canada, Tandem Expansion Fund, Rho Canada, and iNovia Capital. Current investors Highland Capital Partners and BDC Venture Capital also participated in the round.
Launched in March 2009, Beyond the Rack is a private online shopping club (similar to the popular Gilt Groupe) for women and men who want designer brand fashions and accessories at up to 70% off retail.
Beyond the Rack was recently ranked as North America's fastest-growing online retailer by Internet Retailer's Magazine. The company has attracted over 5 million consumer members and over 3,000 brand partners to its online flash-sale marketplace.
Techvibes named CEO Yona Shtern to our Digital Media People to Watch in Quebec in 2011 list and he hasn't disappointed.