Rent the Runway, a NYC, membership-based website for dress and accessory rentals, has raised $20m in funding.
Backers include all existing investors Advance, parent company of Conde Nast, Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers.
Launched in November 2009 by Jennifer Hyman, CEO, and Jennifer Carter Fleiss, President, Rent the Runway currently boasts over 3 million members and 170 designer brands. The company recently introduced an 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.
In conjunction with the funding, Bob Sauerberg, president of Conde Nast, will be joining Rent the Runway’s Board of Directors.
FinSMEs
02/12/2012