What does Rent the Runway do?
Rent the Runway, is the leader in disruptive commerce. This online e-commerce site lets women rent designer clothes and accessories. This is an ecommerce business with the aim of democratizing luxury in the United States. The company just believes that everyone must have the Cinderella experience. The company provides many women the ability to rent accessories, designer dresses and other essentials for a very small amount, allowing ladies to look and feel beautiful for all their special occasions. The company’s aim is making rental a significant part of the retail industry. The believe that retail does not just have to be in selling products business using products for delivering aspirational experiences. This company is a much required customer acquisition channel for brand partners they work, allowing them access to important data and young customers.
How much Rent the Runway was funded?
The company raised $60M in Series E on December 27, 2016 from Advance Publications, Bain Capital Ventures, , Highland Capital Partners, TCV, Research Company and Fidelity Management.
$15M in Series A on February 25, 2010 from Bain Capital Ventures and Highland Capital Partners
$15M in Series B on May 23, 2011 from Kleiner Perkins Caufield & Byers
$24.4M in Series C on March 20, 2013 from Condé Nast, Highland Capital Partners, Kleiner Perkins Caufield & Byers, Bain Capital Ventures, Novel TMT Ventures and American Express
$60M in Series D on December 19, 2014 from TCV, Highland Capital Partners, Bain Capital Ventures, Flight Ventures and Advance Publications
What is next for Rent the Runway?
The company plans on using the latest funding raised for accelerating the company’s growth as it continues scaling its subscription rental products and a la carte, operational capacity and retail stores. The funding will be used for scaling in 4 areas:
- A la carte rental product
- Unlimited subscription business
- Expanding retail footprint
- For continuing building its operational capacity
More about Rent the Runway
Rent the Runway was founded on November 9, 2009 by Jennifer Fleiss and Jennifer Hyman. It has its headquarters in New York, NY.