Montreal-based online retailer Beyond the Rack announced this morning the company has secured 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.
This financing round will be used to further accelerate the strategies for long-term growth of the company and its active customer base. Alex Moorhead from Tandem Expansion Fund will be joining the Beyond the Rack board of directors.
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.