Rent the Runway, the leading online destination for dress and accessory rentals, has received a $20 million investment with all existing investors participating in the fundraising round including Advance, parent company of Conde Nast, Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers. Prior to the $20 million investment, Rent the Runway had raised more than $31 million in venture capital.
Jennifer Hyman, CEO and co-founder of Rent the Runway, commented, "The aspirational woman rents the runway because she is enamored with the lifestyles created by many of Advance's Conde Nast properties. We see this as a partnership with limitless opportunity."
Rent the Runway currently boasts over 3 million members and 170 designer brands, and recently introduced the first-ever online social shopping platform – Our Runway – which allows women to shop based on user-generated photos of real women with their similar body type, rather than the typical model image. With an overall brand mission to democratize luxury fashion, Our Runway adds another layer of accessibility to Rent the Runway.
"We are excited about our new association with Rent the Runway and look forward to creating unique consumer-centric programs with them," said Bob Sauerberg, president of Conde Nast, who will be joining Rent the Runway's Board of Directors.
ABOUT RENT THE RUNWAY:
Rent the Runway is the premier online destination for dress and accessory rentals. With a revolving roster of over 170 top designers, 35,000 of the season's hottest dresses, and 7,000 accessories, Rent the Runway is designer fashion delivered to her doorstep for a fraction of the price. For all of life's special occasions, www.RenttheRunway.com provides the Cinderella experience for women everywhere.
ABOUT CONDE NAST:
Conde Nast is home to some of the world's most celebrated media brands. In the United States, Conde Nast publishes 18 consumer magazines, four business-to-business publications, 27 websites, and more than 50 apps for mobile and tablet devices, all of which define excellence in their categories. The company also owns Fairchild Fashion Media (FFM), whose portfolio of brands serves as the leading source of news and analysis for the global fashion community. Conde Nast has won more National Magazine Awards over the past ten years than all of its competitors combined. For more information, visit condenast.com or follow us on Twitter @CondeNastCorp.
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