Silicon Valley Bank provides $10 mln debt facility to Beyond the Rack
Online shopping club Beyond the Rack has obtained a US$10 million debt and banking facility with Silicon Valley Bank. Based in Montréal, Beyond the Rack offers men and women shoppers an array of consumer brands at discounts of up to 80% off of traditional retail prices. The company said it has attracted more than 13 million members in Canada and the United States and 5,000 brand partners since first launching in 2009. Backed by a mix of Canadian and U.S. venture capital firms since 2010, Beyond the Rack has raised more than $100 million in funding. Its last disclosed equity round took place last November.
1 October 2014•3 mins read
