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MMV Financial backing Beyond the Rack
12
Feb '11
MMV Financial (MMV), a pre-eminent specialty finance firm serving venture-backed companies in North America, announced that it has extended a $3 Million venture loan to Beyond the Rack. Beyond the Rack is a members-only private shopping club that offers members moderate to luxury merchandise. The additional proceeds from MMV will be used to support Beyond the Rack as it accelerates growth and expands operations.

“Beyond the Rack has experienced massive growth over the last two years; this investment will allow us to continue that trend over the coming years,” said Yona Shtern, CEO of Beyond the Rack. “We appreciate MMV's timely response and support and look forward at having them as a financial partner.”

Members' only online shopping clubs are a growing vertical in the massive online shopping market. While there are many online shopping clubs in North America, Beyond the Rack distinguishes itself by offering a broader assortment of goods targeted towards a larger universe of customers. Beyond the Rack offers members a wide selection of product lines including ladies and men's apparel, accessories, footwear, homeware, watches, jewelry, cosmetics, kids and other emerging merchandise categories in up to 18 private sales events per day.

“Beyond the Rack has demonstrated high revenue and membership growth since it was launched two years ago and is currently delivering one of the most exiting stories in the technology scene,” said Yassine Tnani, Vice President, MMV Financial. “We are pleased to partner with the Company and look forward to its success as a leading private shopping club in North America.”

MMV Financial (MMV)


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