RentTheRunway raises 24.4 million dollars in funding
today Mar 13, 2013
The American designer dress rental site has raised a further 4.4 million dollars in funding from American Express and Novel TMT Ventures. The funding will be used to finance development, which will include improving operations and logistics, developing customer service and opening new showrooms.
With over 3 million users and 170 brands, the website allows customers to rent designer dresses on a 4-day basis for 10% of their original price. The dresses are even delivered to the client in two sizes, just to be sure. Amongst the brands featured on the site are Vera Wang, Missoni, Versace Collection, Escada, Moschino, Viktor & Rolf, Mathew Williamson, Nina Ricci and Sonia Rykiel.
In the past year, the company had already raised funds of 20 million dollars. Investors include Bain Capital Ventures, Condé Nast Publications, Highland Capital Partners and Kleiner Perkins Caufield and Byers. In total, the company has raised 55 million dollars in funding since 2009.
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