Novel TMT Ventures, wholly owned by Novel TMT Investments, and financial services firm American Express have extended by $4.4m the series C round for Rent the Runway, a website for the rental of designer clothes and accessories.
The round total is now $24.4m which includes participation from Advance Publications, the parent company of magazine publisher Conde Nast, and venture capital firms Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers.
Since being founded in 2009, Rent the Runway has raised a total of $54.4m in funding. The company raised $15m in a B round in May 2011 and $15m in series A funding in February 2010.
Rent the Runway has more than three million members and 170 designer brands and recently introduced its online social shopping platform, Our Runway.