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Canadian e-tailer Beyond the Rack reeled in $36 million in VC bucks from investors Panorama Capital, the California VC that read the round, and other investors Export Development Canada, Tandem Expansion Fund, Rho Canada, Inovia Capital, Highland Capital Partners and BDC Capital. Shahan Soghikian, a MD with Panorama Capital, will join Beyond the Rack’s board.
Toronto-based search marketing startup Chango has raised $4.25 million in Series B financing. Rho Canada, a division of NY-based Rho Capital Partners, led the round, which included participation from iNovia Capital, Metamorphic Ventures, Extreme Venture Partners and 24/7 Media co-founder Geoff Judge. As a result of the funding, Rho Canada’s Roger Chabra will join the Chango board.
Roger Chabra has left Canadian venture capital firm GrowthWorks after a three year run, in order to become a partner with Rho Canada. In an email sent yesterday to friends and colleagues, Chabra wrote:
“I am excited to be joining such an experienced and successful group of venture investors at Rho. Rho Canada is a leading venture capital firm and is dedicated to backing high-potential, early-stage companies. Formed in 2006, Rho Canada is closely affiliated with Rho Ventures in the US and leverages off Rho Ventures’ 25+ years of experience in investing in venture-stage companies. Rho Canada and Rho Ventures are actively investing out of their respective funds today and we continue to seek new deals that fit our investment mandate.”
Chabra added that he expects to shuttle between Rho Canada’s Montreal headquarters and its Toronto outpost. The firm also has a New York office, and raised just over US$100 million for a fund in 2006.
I hear that the fund still has plenty of dry powder, but that Rho Canada is pre-marketing a new vehicle with hopes of holding a final close late this year. No official word yet on a target, but it will likely be close to the $100 million mark.