Who: Montreal-based Beyond the Rack, North America’s leading premier online shopping club.
How much: $10-million in venture debt financing from Wellington Financial LP. Since launching in 2009, Beyond the Rack had raised $53 million from angel and venture-capital investors including Rho Canada and iNovia Capital.
The Quote: “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. 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”. said Mark Usher, Partner at Wellington Financial LP.
Source: Wellington press release