Beyond the Rack has secured a $10 million facility from Silicon Valley Bank.
The funding gives the Montreal-based firm capital to expand its product offering.
“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.”
Rumours swirled this year that the Canadian company would IPO in the near future, but this round of funding suggests that speculation was just that—speculation.
Then again, every tech startup that gets even remotely big seems destined for IPOs—or, more accurately, IPO rumours—which may point to Canadians’ lust to see them hit the stock market more than it may make business sense for the firms to do actually do so.
“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, which is not profitable (but hey, neither is Twitter), has raised a total of nearly $80 million since launching in 2009.