VC-backed Beyond the Rack secures $10M Facility with SVB

VC-backed Beyond the Rack secures $10M Facility with SVB
October 01
13:13 2014

Beyond the Rack (BTR) has recently closed a US $10 million debt and banking facility with Silicon Valley Bank (SVB).

“We are delighted to announce this funding from SVB which will allow us to continue to invest in our long-term growth,” said Yona Shtern, co-founder and CEO of Beyond the Rack. “It’s particularly exciting to work with a financial partner that shares our vision for the opportunity we see in the rapid expansion of e-commerce in Canada and the role BTR will play as a primary consumer destination, media platform and logistics network.”

“Beyond the Rack has quickly established itself as a consumer-focused, market leader, said Win Bear, managing director, of Silicon Valley Bank. “We are excited to work with the company as it enters the next phase of its evolution and it continues to distinguish itself by its operational expertise and capacity to scale and execute.”

Beyond the Rack is backed by Investissement Quebec, Iris Capital and Tandem Expansion Fund, Highland Capital Partners, Panorama Capital, BDC Capital, iNovia and others.

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