Wellington Financial announced yesterday that they're providing Montreal's Beyond the Rack with $10 million in venture debt financing.
Beyond the Rack is North America’s premier online shopping club and was named to Profit's Hot 50 list in August.
Beyond the Rack's top-ranked revenue clocked in at more than $82 million in 2011, its second accolade, and its $33 million in export sales earned it a third accolade of top exporter.
Probably the most interesting fact revealed as part of the Hot 50 hoopla was that Beyond the Rack created more jobs than any other startup from 2009 to 2011. During that timespan the company created 258 jobs bringing its total headcount to a whopping 333.
“In three short years, Beyond the Rack has done a fantastic job of building a leading North American e-commerce franchise. Their focus on providing members with value and variety has made their site one of the most compelling on the internet,” said Mark Usher, Partner at Wellington Financial LP.
Usher continues, “With over 7.5 million members and deals with more than 3,000 brands, Beyond the Rack has quickly become the third largest e-commerce platform in Canada and we are very confident their value proposition will continue to resonate as they grow across North America."
Beyond the Rack was recently named a finalist in Canada Post's E-commerce Innovation Awards in the Best Large Online Retailer of the Year category.
Beyond the Rack is backed by leading venture capital firms including BDC Venture Capital, Export Development Canada, Highland Capital Partners, iNovia Capital, Panorama Capital, Rho Canada, and Tandem Expansion Fund.