Flash sales site Beyond The Rack has raised $36.6 million in new funding led by Panorama Capital with Export Development Canada, Tandem Expansion Fund, Rho Canada, Inovia Capital, Highland Capital Partners and BDC Venture Capital participating in the round. This brings the startup’s total funding to over $50 million.
Similar to Gilt Groupe, Beyond the Rack is a members-only shopping site that offers steeply discounted (from 50 to 70 percent) on designer brand clothes, accessories, home decor and other goods. The site 5 million members, which is up from 1.5 million members in July of 2010.
The new funding will be used to enhance logistics and distribution and to accelerate growth. Beyond The Rack isn’t the only flash sales site to raise a heft amount to expand. Gilt raised $138 million in May, and Ideeli raised $41 million in April. Home decor and accessories site One Kings Lane just raised another $40 million and last week, wine-focused flash sales site Lot18 nabbed $30 million from Accel and others.
Beyond the Rack is a private online shopping club for women and men who want designer brand fashions and accessories at up to 70% off retail. We work with major brands to hold limited-time sales that are open exclusively to our members. Each sale starts at a specific time and typically lasts only 48 hours. Members are notified by email in advance of each upcoming sale.
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