NEW YORK, NY, Rent the Runway, the leader in disruptive commerce, today announced a $60 million round of funding.
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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, Inc. Total investment in the company now stands at $190 million. This new round of funding will be used to accelerate the company's growth as it continues scaling its a la carte and subscription rental products, retail stores and operational capacity.
'We are coming off of our most successful year since the company's inception, with the launch of our Unlimited subscription business, our partnership with Neiman Marcus and our new flagship store in New York,' said Jennifer Hyman, Co-founder and CEO of Rent the Runway. 'We are excited to bring on Fidelity as a partner as we continue to disrupt the closet and remain at the forefront of the access economy.'
Rent the Runway plans to use the funding to scale in four key areas. The first area is the company's original a la carte rental product, which now boasts 6 million members throughout the U.S. The company will also focus on growing 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. Rent the Runway will also continue expanding the company's retail footprint which includes stores in six cities, including San Francisco, where the company recently broke the perceived boundaries of traditional retail by opening a store within luxury, multi-branded, omni-channel fashion retailer Neiman Marcus' location. The company will also use the funding to continue building its operational capacity, which includes its world-class reverse logistics platform.
For more information about Rent the Runway, please visit www.renttherunway.com.
About Rent the Runway
Rent the Runway is revolutionizing fashion by allowing millions of women to rent designer apparel and accessories, both on-demand and through its subscription service Unlimited. The company focuses on convenience and a top-notch customer experience on all of its platforms, including mobile, online, and retail locations in Chicago, New York City, Washington, D.C., Los Angeles, San Francisco, and Las Vegas. With styles from hundreds of top designers, RTR serves as a powerful marketing channel for the fashion industry, introducing a new generation of women to brands that they had limited access to before. Co-founded in 2009 by Harvard Business School graduates, Rent the Runway has raised over $190 million in venture capital and has 6 million members across the U.S.