Beyond The Rack Raises $3 Million From MMV Financial
Beyond The Rack is a members-only private shopping luxury merchandise company that has raised $3 million as a venture loan. The $3 million will be used to accelerate growth and expand operations. Below is the full press release:
Beyond the Rack Secures $3MM Financing From MMV Financial
Montreal, Quebec (PRWEB) February 11, 2011
MMV Financial (MMV), a pre-eminent specialty finance firm serving venture-backed companies in North America, announced today that it has extended a $3 Million venture loan to Beyond the Rack. Beyond the Rack is a members-only private shopping club that offers members moderate to luxury merchandise at up to 70% off of retail price. The additional proceeds from MMV will be used to support Beyond the Rack as it accelerates growth and expands operations.
“Beyond the Rack has experienced massive growth over the last two years; this investment will allow us to continue that trend over the coming years,” said Yona Shtern, CEO of Beyond the Rack. “We appreciate MMV’s timely response and support and look forward at having them as a financial partner.”
Members’ only online shopping clubs are a growing vertical in the massive online shopping market. While there are many online shopping clubs in North America, Beyond the Rack distinguishes itself by offering a broader assortment of goods targeted towards a larger universe of customers. Beyond the Rack offers members a wide selection of product lines including ladies and men’s apparel, accessories, footwear, homeware, watches, jewelry, cosmetics, kids and other emerging merchandise categories in up to 18 private sales events per day.
“Beyond the Rack has demonstrated high revenue and membership growth since it was launched two years ago and is currently delivering one of the most exiting stories in the technology scene,” said Yassine Tnani, Vice President, MMV Financial. “We are pleased to partner with the Company and look forward to its success as a leading private shopping club in North America.”
About Beyond the Rack
Beyond the Rack is North America’s premier members-only online shopping club offering customers the most sought after designer brand apparel, accessories, beauty, home decor, and leisure travel packages at up to 70% off retail prices. Beyond the Rack sells its products in the context of two-day, first come-first served, limited-quantity events. Members can expect up to 18 new events each day starting at 11AM ET. Privately held, with offices in Montreal and New York, Beyond the Rack has a staff of 200 full-time employees and over three million North American members.
About MMV Financial
MMV Financial empowers growth for venture-backed technology and life sciences companies across North America through creative debt solutions. We provide quick and efficient access to additional capital with limited dilution. Our goal is to help companies achieve valuation inflection points, liquidity events and/or operational cash flow breakeven with flexible, cost-effective financing. MMV is backed by top U.S. and Canadian private equity firms and financial institutions including Wells Fargo Company, HSBC Bank Canada, Caisse de dépôt et placement du Québec, CCP Equity Partners, Fonds de Solidarité des Travailleurs du Québec and ROI Capital. For more information, please visit www.mmvf.com.
[SF Gate]This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry