You are hereFlash Sales Site Beyond The Rack Raises $12 Million To Take On Gilt
Flash Sales Site Beyond The Rack Raises $12 Million To Take On Gilt
Beyond the Rack, a members-only sample sale site, has raised another round of funding today. The startup has just 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.
Similar to Gilt Groupe, HauteLook and Ideeli, Beyond the Rack is a members-only shopping site that offers steeply discounted (from 50 to 70 percent) on designer brand clothes, accessories and other goods. The site says that its revenue growing over 30 percent per month and currently has 1.5 million members, doubling its userbase from six months ago.
Beyond The Rack launches up to eight new sales events every day, with each event only lasting a few days. The model has done fairly well in the space, with similar sites seeing rapid growth. There’s the rumored acquisition of European sample sale site Vente-Privee by Amazon for an estimated $3.01 billion. And sample sale sites Gilt and Ideeli have recently raised large amounts of funding. While the flash sales space is full of worthy competitors, clearly there is room for a number of sites to operate.
CrunchBase InformationBeyond the RackInformation provided by CrunchBase
Flash sales site Ideeli, which was founded in 2007, has raised $41 million in Series C funding led by Next World Capital with Cue Ball Capital, StarVest Partners, Constellation Growth Capital and Kodiak Venture Partner participating in the round. This bring’s Ideeli’s total funding to nearly $70 million
Flash sales site HauteLook has raised $31 million in Series C funding, led by Insight Venture Partners. The startup previously raised $10 million in Series B funding last year.
Vente-Privee, the European flash sales giant, has announced a joint venture with American Express to bring the site to the U.S.
