Beyond the Rack announced that it recently closed a $36.6 million USD investment round led by Silicon Valley-based Panorama Capital with additional investment from Export Development Canada, Tandem Expansion Fund, Rho Canada, and Inovia Capital. The funds will be used to further expand their market share, and give them further penetration into the United States which is a direction the company has recently started through strategic partnerships.
“This significant funding will allow us to continue to maintain our leadership position in both Canada and the U.S.” said Yona Shtern, CEO of Beyond the Rack. “We are extremely appreciative of the continued support from our existing shareholders and are thrilled to add such highly respected investors to our team,” added Mr. Shtern.
Current investors Highland Capital Partners and BDC Venture Capital also participated in the round.
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