Rent The Runway Closes $24.4 Million Series C Funding With Expansion Of
NEW YORK, March 11, 2013
NEW YORK, March 11, 2013 /PRNewswire/ --Rent the Runway
(www.RenttheRunway.com), the leading online destination for designer dress and
accessory rentals, today announced the expansion of its Series C round of
funding, bringing the total Series C amount raised to $24.4 million. The
initial round was led by Advance Publications, Inc., parent company of Conde
Nast and includes American Express and Novel TMT Ventures, as well as all of
Rent the Runway's existing investors, including Bain Capital Ventures,
Highland Capital Partners and Kleiner Perkins Caufield & Byers.
"The addition of American Express and Novel TMT Ventures is an affirmation of
our mission and strategy. Both brands embody aspiration and through these
partnerships, we look forward to continuing to make luxury accessible to women
everywhere," said Jennifer Hyman, CEO and co-founder of Rent the Runway.
The funding will be used to continue hiring key executives within the company,
in addition to marketing and inventory investments.
Ed Gilligan, Vice Chairman of American Express commented, "American Express is
committed to being an enabler of commerce, and we recognize that Rent the
Runway is delivering a creative commerce solution to a consumer need in a way
that's simple, seamless and scalable."
Novel TMT Ventures investments include Warby Parker, Business of Fashion, Moda
Operandi, Dailylook, Context Logic, Playspan, Facebook, Delivery Hero and
ABOUT RENT THE RUNWAY:
Rent the Runway is the premier online destination for designer dress and
accessory rentals. With a revolving roster of over 170 top designers, 35,000
of the season's hottest dresses, and 7,000 accessories, Rent the Runway is
designer fashion delivered to her doorstep for a fraction of the price. For
all of life's special occasions, www.RenttheRunway.com provides the Cinderella
experience for women everywhere.
SOURCE Rent the Runway
Contact: Ashley Savage, +1-212-524-2874, firstname.lastname@example.org
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