Beyond the Rack produces an e-commerce platform that offers its 10 million members designer and brand-name clothing, accessories and décor products at price up to 80% less than retail.
Investissement Quebec, Iris Capital and Tandem Expansion Fund led the investment round that also saw reinvestment from Highland Capital Partners, Panorama Capital, BDC Venture Capital IT Fund and iNovia Capital.
This investment brings Beyond the Rack’s total funding to $78.6m.
Yona Shtern, chief executive of Beyond the Rack, said: “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.”
Alex Moorhead from Tandem Expansion Fund will be joining the Beyond the Rack board of directors.
“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,” said Moorhead.
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.