Rent the Runway, a US-based service that enables users to rent high fashion items, secured $60m on Friday from investors including media company Advance Publications.
Growth capital firm Technology Crossover Ventures led the round, which included backing from Bain Capital Ventures and Highland Capital Partners.
Advance Publications, the parent company of Conde Nast, led the company’s $24.4m series C round in March 2013, which also featured payment services provider American Express, Novel TMT Ventures and Kleiner Perkins Caufield & Byers, as well as Bain Capital Ventures and Highland Capital Partners.
Rent the Runway has now raised $116m in total since it was founded in 2009. The new funding will support marketing, the hiring of additional engineering staff and the opening of retail sites across 15 markets.
The New York-headquartered company also plans to open a distribution centre on the west coast of the US.
Beth Kaplan, Rent the Runway’s president and chief operating officer, said: “This new investment combined with our strong leadership team will give us everything we need to take our company to the next stage of growth.”
– Photo courtesy of Rent the Runway