Welcome!

News Feed Item

Beyond the Rack Gears Up For Next Phase Of Growth With $25 Million Equity Round

Leading online shopping club closes equity round and adds management to fuel long term growth

MONTREAL, Nov. 26, 2013 /PRNewswire/ -- 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.

(Logo: http://photos.prnewswire.com/prnh/20130704/NY42950LOGO )

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 10 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 Officer. 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.

About Beyond the Rack

Beyond the Rack, North America's leading e-commerce platform, offers its 10 million members the most sought-after designer brand apparel, accessories, beauty, and home decor products at up to 80% off retail. Products are sold in the context of two-day, first-come, first-served, limited-quantity events. Members can expect up to 30 new events each day. The privately held company has offices in Montreal, Toronto, New York and Las Vegas.

About Tandem Expansion Fund

Tandem Expansion is a private growth capital fund with over $300 million in committed capital actively seeking to invest in small and mid-sized Canadian companies in a variety of technology-based sectors. Tandem acts as a catalyst for growth and expansion by making significant investments in established companies with high growth potential and strong management teams.

About Investissement Quebec

Investissement Quebec's mission is to foster the growth of investment in Quebec, thereby contributing to economic development and job creation in every region. The Corporation offers businesses a full range of financial solutions, including loans, loan guarantees and equity investments, to support them at all stages of their development. It is also responsible for administering tax measures and prospecting for foreign investment.

About Iris Capital

Iris Capital is a pan-European venture capital fund manager specialized in the digital economy. Since its inception in 1986, the Iris Capital team has invested more than €950 million ($1.3 billion) in more than 220 companies. Iris Capital targets opportunities in service or technology companies, seeking growth capital in order to realize their strategy. It provides active support to its portfolio companies on the basis of its strong sector specialization and experience, and has offices in Paris, Düsseldorf, Montreal, San Francisco, Riyadh, Dubai, Beijing and Tokyo. In 2012, Iris Capital has entered into a strategic partnership with Orange and Publicis to manage their joint venture initiative.

About Highland Capital Partners LLC

For the past twenty years, Highland Capital Partners has taken a sector-focused approach to investing in exceptional seed through later stage growth companies in the healthcare, internet & digital media and technology markets. Highland actively seeks to provide the right mix of strategic guidance, hands-on leadership and deep industry domain expertise for helping entrepreneurs and their teams become market-leading organizations. With over $3 billion of committed capital and offices in Boston, Silicon Valley, Shanghai and Geneva, Highland has invested in and worked to create such firms as Ask Jeeves, Avid Technology, CheckFree, Conor Medsystems, Continental Cable, Generation Health, lululemon athletica, Lycos, MapQuest, Ocular Networks, Odyssey Healthcare, Quigo, Starent Networks, Sybase, Telica and VistaPrint.

About Panorama Capital Partners

Panorama Capital seeks investment opportunities in life sciences and technology companies led by dynamic, experienced entrepreneurs. Leveraging two decades of investment and operating experience, the team invests in mid to later stage financings primarily in the consumer and mobile segments in technology, and biopharmaceuticals in life sciences. Panorama partners with its portfolio management teams to bring its experience and extensive network to bear on solving strategic challenges, building teams and accelerating growth. The partners are proud to have invested in and worked with numerous successful companies including Digital Island, ONI Systems, Myogen, Petco Animal Supplies, Kinkos, Eyetech, Piramed, Seattle Genetics, Corus Pharma, Federated Media, 1-800-Flowers.com, and Portal Player, among others.

About the BDC Venture Capital IT Fund

The BDC Venture Capital IT Fund is a $152 million fund with offices in Vancouver, Calgary, Ottawa, Toronto and Montreal as well as strong links to Silicon Valley. Investments are typically early stage companies in the enterprise, Internet and mobile sectors. The fund has invested in many successful companies including Layer 7 (acquired by CA Technologies), Radian6 (acquired by Salesforce), Opalis (acquired by Microsoft) and Q1 Labs (acquired by IBM). We are a part of BDC Venture Capital, an investor of choice with more than $1 billion under management. Find out more at www.bdc.ca/vc or on Twitter @BDC_VC.

About iNovia

iNovia partners with exceptional entrepreneurs to build successful companies in high growth sectors. The team is comprised of entrepreneurs and sector experts focused on Mobile, Internet and Digital Media. iNovia has $165M under management across two seed and early stage funds.

Press contact
Beyond the Rack
Jacqueline Stein-Elman
514-733-4666 X3588
[email protected]

SOURCE Beyond the Rack

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists examined how DevOps helps to meet the de...
SYS-CON Events announced today that B2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. B2Cloud specializes in IoT devices for preventive and predictive maintenance in any kind of equipment retrieving data like Energy consumption, working time, temperature, humidity, pressure, etc.
Cloud Expo, Inc. has announced today that Andi Mann and Aruna Ravichandran have been named Co-Chairs of @DevOpsSummit at Cloud Expo Silicon Valley which will take place Oct. 31-Nov. 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. "DevOps is at the intersection of technology and business-optimizing tools, organizations and processes to bring measurable improvements in productivity and profitability," said Aruna Ravichandran, vice president, DevOps product and solutions marketing...
Today traditional IT approaches leverage well-architected compute/networking domains to control what applications can access what data, and how. DevOps includes rapid application development/deployment leveraging concepts like containerization, third-party sourced applications and databases. Such applications need access to production data for its test and iteration cycles. Data Security? That sounds like a roadblock to DevOps vs. protecting the crown jewels to those in IT.
Many organizations adopt DevOps to reduce cycle times and deliver software faster; some take on DevOps to drive higher quality and better end-user experience; others look to DevOps for a clearer line-of-sight to customers to drive better business impacts. In truth, these three foundations go together. In this power panel at @DevOpsSummit 21st Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, industry experts will discuss how leading organizations build application success from all...
SYS-CON Events announced today that NetApp has been named “Bronze Sponsor” of SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. NetApp is the data authority for hybrid cloud. NetApp provides a full range of hybrid cloud data services that simplify management of applications and data across cloud and on-premises environments to accelerate digital transformation. Together with their partners, NetApp em...
Elon Musk is among the notable industry figures who worries about the power of AI to destroy rather than help society. Mark Zuckerberg, on the other hand, embraces all that is going on. AI is most powerful when deployed across the vast networks being built for Internets of Things in the manufacturing, transportation and logistics, retail, healthcare, government and other sectors. Is AI transforming IoT for the good or the bad? Do we need to worry about its potential destructive power? Or will we...
Agile has finally jumped the technology shark, expanding outside the software world. Enterprises are now increasingly adopting Agile practices across their organizations in order to successfully navigate the disruptive waters that threaten to drown them. In our quest for establishing change as a core competency in our organizations, this business-centric notion of Agile is an essential component of Agile Digital Transformation. In the years since the publication of the Agile Manifesto, the conn...
SYS-CON Events announced today that SIGMA Corporation will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. uLaser flow inspection device from the Japanese top share to Global Standard! Then, make the best use of data to flip to next page. For more information, visit http://www.sigma-k.co.jp/en/.
Cloud applications are seeing a deluge of requests to support the exploding advanced analytics market. “Open analytics” is the emerging strategy to deliver that data through an open data access layer, in the cloud, to be directly consumed by external analytics tools and popular programming languages. An increasing number of data engineers and data scientists use a variety of platforms and advanced analytics languages such as SAS, R, Python and Java, as well as frameworks such as Hadoop and Spark...
Enterprises are moving to the cloud faster than most of us in security expected. CIOs are going from 0 to 100 in cloud adoption and leaving security teams in the dust. Once cloud is part of an enterprise stack, it’s unclear who has responsibility for the protection of applications, services, and data. When cloud breaches occur, whether active compromise or a publicly accessible database, the blame must fall on both service providers and users. In his session at 21st Cloud Expo, Ben Johnson, C...
The last two years has seen discussions about cloud computing evolve from the public / private / hybrid split to the reality that most enterprises will be creating a complex, multi-cloud strategy. Companies are wary of committing all of their resources to a single cloud, and instead are choosing to spread the risk – and the benefits – of cloud computing across multiple providers and internal infrastructures, as they follow their business needs. Will this approach be successful? How large is the ...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...
SYS-CON Events announced today that Suzuki Inc. will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Suzuki Inc. is a semiconductor-related business, including sales of consuming parts, parts repair, and maintenance for semiconductor manufacturing machines, etc. It is also a health care business providing experimental research for...
Cloud-based disaster recovery is critical to any production environment and is a high priority for many enterprise organizations today. Nearly 40% of organizations have had to execute their BCDR plan due to a service disruption in the past two years. Zerto on IBM Cloud offer VMware and Microsoft customers simple, automated recovery of on-premise VMware and Microsoft workloads to IBM Cloud data centers.