Wellington Financial Provides $10 Million Growth Capital to Beyond the Rack

by Rob Lewis | Business

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.

Wellington Financial
Toronto, Ontario, Canada

Wellington Financial LP is a privately held specialty finance firm providing term and amortizing loans up to $30 million and venture debt loans up to $10 million. Wellington Financial LP is currently deploying a $500 million investment program via its fourth fund. The fund's clients vary in size and business model, but generally have current year revenue in excess of $5 million. Limited... more

Beyond the Rack
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... 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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