US-based online rental apparel platform Rent the Runway announced yesterday it has confidentially filed for an initial public offering that could enable corporates Advance Publications and American Express to exit.
Rent the Runway operates an e-commerce platform that lets users lease women’s designer clothing and accessories from more than 750 designer brands. It offers subscription plans and also lets customers purchase items.
The company has amassed approximately $337m of funding since it was founded in 2009. It received $125m in an early 2019 round co-led by Franklin Templeton Investments and Bain Capital Ventures at a $1bn valuation.
Funds and accounts advised by T Rowe Price also contributed to the round as did Hamilton Lane Advisors, investing on behalf of New York State Common Retirement Fund.
Blue Pool Capital, an investment vehicle representing e-commerce group Alibaba’s co-founders, Jack Ma and Joe Tsai, had supplied $20m of funding for the company in 2018.
Investment and financial services group Fidelity Management and Research led a $60m series E round for Rent the Runway in 2016 that also featured media group Advance Publications, Bain Capital Ventures, Technology Crossover Ventures and Highland Capital Partners.
The last three series E participants had joined Advance Publications in the company’s $60m series D round two years earlier. The corporate also backed its $24.4m series C round in 2013, alongside payment services firm American Express and diversified holding company Novel Group’s Novel TMT Ventures unit.
Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers filled out the list of series C investors. Suro Capital and Manhattan Venture Partners also list Rent the Runway as a portfolio company.