Rent the Runway, a NYC-based provider of rentals of designer clothes, raised $60m in Series D funding.
The round was led by Technology Crossover Ventures with participation from Bain Capital Ventures, Highland Capital Partners and Condé Nast parent company Advance Publications. In conjunction with the funding, Daniel O’Keefe, a general partner at TCV, joined Rent the Runway’s board.
The company, which has now raised $116m to date, intends to use the funds to expand its marketing and development efforts, open a network of retail locations across 15 key markets, and establish a first West Coast distribution center.
Led by Jennifer Hyman, CEO and Co-Founder, and Beth Kaplan, President and COO, Rent the Runway allows women to rent designer apparel and accessories from more than 270 designers on its online and mobile platforms and retail locations in New York City, Washington, D.C., and Las Vegas.