Beyond The Rack has been making headlines in Canada all year long and the rock star firm has another feather in its cap after Profit magazine’s ‘Hot 50’ list revealed that the Montreal based company had created the most jobs for any startup in Canada from 2009 to 2011. The list also revealed that the company had also generated the most revenue for any firm on the Hot 50 list and also employed the most staff.
Beyond The Rack has been putting up some amazing numbers and performances ever since it was launched by Yona Shtern. Some of its most enviable stats include a 1,597% increase in revenue over the last two years and $82 million in sales for 2011. Interestingly, the company’s global reach was made clear after its $33 million in export sales claimed the company a position as top exporter. All this would probably not be possible without an investment in human capital at the Canadian start who have hired 258 new employees from 2009 to 2011. With a total of 333 staff members the company may have stepped out of the start up phase and into the big leagues.
The highly successful firm got a great jump start after they went through the FounderFuel accelerator program which is a “mentor driven startup accelerator program that provides seed capital and access to veteran entrepreneurs, angel investors, venture capitalists and senior executives.” Beyond The Rack and 10 other startups received an initial $20,000 to $25,000 as they polished their business and idea for three months. After that the firms made pitches on demo day for the chance to get another $150,000 from Business Development of Canada.
The accelerator program’s success can be clearly seen with Beyond The Rack who has become a shining star in the Canadian start up sector thanks to the focus and attention they received from the FounderFuel accelerator program.
Source: TechVibes
Photo: DESTL
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