Beyond the Rack fills closet with cash – $16.5 Million to date

TechCrunch reported this afternoon that Montreal’s Beyond the Rack has raised another round of funding. The startup has announced a $12 Million round of funding from Highland Capital Partners and BDC Venture Capital. This brings the Beyond The Rack’s total funding to $16.5 Million after it’s last raise in January 2010 which included Montreal Start Up.

Beyond the Rack is a members-only shopping club offering members the sought after designer brand apparel, accessories, beauty, and home and decor products at up to 70% off retail prices. Beyond the Rack sells its products in the context of a two-day, first come-first served events. Members can expect up to eight new brand events each day, starting at 11:00am EST.

In January Techvibes reported that the startup had raised $2 Million from Oleg Tscheltzoff and Oliver Jung, and Montreal Start Up bringing their total funding to $4.5 Million.

Two months ago Beyond the Rack announced that it has reached the 1 Million member mark after only one year in operation and that they were on-target to reach an annual run-rate of $100 Million in sales by the end of this year.

Launched in March 2009, Beyond the Rack has offices in Montreal and New York and a staff of 100+ full-time employees.