Leading online shopping club closes Series F Equity round and adds management to fuel long term growth
MONTREAL, November, 26, 2013 – Montreal-based e-commerce leader Beyond the Rack today announced that it recently closed a $25 million investment round led by Investissement Quebec, Iris Capital and Tandem Expansion Fund. Current investors Highland Capital Partners, Panorama Capital, BDC Venture Capital IT Fund and iNovia Capital also participated in the round.
Proceeds from the current round of funding will be used to further accelerate the strategies for long-term growth of the company and its active customer base. “We are extremely excited about what this additional capital will allow the company to achieve over the coming years. It is earmarked for important investments in logistics, technology and future growth,” says Yona Shtern, CEO of Beyond the Rack.
The company has grown from a start-up four years ago to a market leader with over 9 million consumer members, 5,000 brand partnerships and world-class e-commerce operations in both Canada and the United States.
“Beyond the Rack has built impressive scale and a market leading position in e-commerce. As an existing investor, we are particularly excited about having the opportunity to expand our involvement and continue supporting the team,” says Alex Moorhead, Managing Partner at Tandem Expansion Fund.
Alex Moorhead from Tandem Expansion Fund will be joining the Beyond the Rack board of directors.
Alexander Wiedmer, Partner from Iris Capital says, “As a global investor we have broad exposure to e-commerce internationally and have been impressed by Beyond the Rack’s world-class unit level economics and operations. It is ideally positioned to be an industry and market leader as e-commerce continues to expand in both Canada and the United States.”
The company also confirmed two recent executive announcements as it re-enforces its management team for long-term growth.
Mike Bhaskaran recently joined the company in the position of Chief Operating Officer - responsible for global logistics, transportation, fulfillment and technology. He comes to BTR with extensive relevant operations experience at e-commerce industry leaders including Amazon, Starbucks, Gap and Dell.
Jim Weinberg was recently promoted to President and Chief Merchandising Offer. Jim previously held the role of CMO and has been with BTR for 4 years. Prior to joining the company, he held executive positions at Burlington Coat Factory, Kellwood and May Company.