A string of venture capital firms have helped Canadian e-commerce clothing business Beyond the Rack close a $25m financing round.
Investissement Quebec, Iris Capital and Tandem Expansion Fund led the round, which also received backing from current investors Highland Capital Partners, Panorama Capital, BDC Venture Capital IT Fund and iNovia Capital.
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 e-commerce operations in both Canada and the US.
Tandem Expansion Fund’s Alex Moorhead, who will join the company’s board, said, “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.”
Iris Capital partner Alexander Wiedmer added, “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.”
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