Montreal-based flash sale eretailer Beyond The Rack has raised another $10 million, this time from Silicon Valley Bank (SVB). Beyond the Rack recently $25 million in venture capital funding last November and has raised a total of $75 million since 2009.
“We are delighted to announce this funding from SVB which will allow us to continue to invest in our long-term growth,” said Yona Shtern, co-founder and CEO of Beyond the Rack. “It’s particularly exciting to work with a financial partner that shares our vision for the opportunity we see in the rapid expansion of e-commerce in Canada and the role BTR will play as a primary consumer destination, media platform and logistics network.”
BTR will use the funds to expand its product offering and also unveil new items under the Beyond the Rack brand name. The company launched in 2009 and has over 13 million members across Canada and the United States and over 5,000 brand partners.
“Beyond the Rack has quickly established itself as a consumer-focused, market leader, said Win Bear, managing director, of Silicon Valley Bank. “We are excited to work with the company as it enters the next phase of its evolution and it continues to distinguish itself by its operational expertise and capacity to scale and execute.”
