Rent the Runway Raises $60M in Funding
Summary
Rent the Runway, a NYC-based fashion rental company, raised $60m in funding.The round was led by Fidelity Management and Research Company, with participation from existing investors Technology Crossover Ventures, Bain Capital Ventures, Highland Capital Partners, and Advance Publications.The company, which has raised $190m in total funding, intends to use the funds to scale its a la carte rental product, which now boasts 6 million members throughout the U.S., grow its Unlimited subscription business, which launched this spring and gives women access to $40,000 worth of designer clothing per year for a fixed monthly price, continue expanding its retail presence which includes stores in six cities, and continue building its operational capacity, which includes its reverse logistics platform.founded in 2009 by Jennifer Hyman, CEO, Rent the Runway allows women to rent designer apparel and accessories, both on-demand and through a subscription service via such channels including mobile, online, and retail locations in Chicago, New York City, Washington, D.C., Los Angeles, San Francisco, and Las Vegas.FinSMEs 28/12/2016