Rent the Runway, an online designer dress and accessory rental business, has raised $15m in venture capital from Kleiner Perkins Caufield & Byers.
This financing, which brings the total amount raised to date to $31m, will support the company in scaling from an online business into an operational powerhouse. A portion of the funding will be used to add new designers this summer and fall at both higher and lower price points. New designers include Thakoon, Carmen Marc Valvo, Z Spoke by Zac Posen, Versus by Versace, Narciso Rodriguez, Kate Spade, Anna Sui, Opening Ceremony and Rachel Zoe. Rent the Runway will also invest in key positions across the business in both technology and operations.
Launched in November 2009 by CEO Jennifer Hyman and President Jenny Fleiss, the company will open the first of multiple warehouse hubs outside of New York City in January 2012. Rent the Runway has also begun to develop an inventory and reservation management system with embedded predictive capabilities.
In conjunction with the funding, Aileen Lee, a partner at KPCB, will join Rent the Runway’s Board of Directors.