RenttheRunway.com, the fashion website that allows women to rent dresses and accessories for any occasion, wants to become bigger a part of women’s wardrobe solutions. The company announced it has raised $60 million dollars in a Series D funding, bringing their total investment to $116 million.
With the new investment, Rent the Runway is planning for growth by introducing millions more women to the company’s unique rental system, hiring new engineering talent to help with the company’s customer experience, opening more retail locations in 15 different markets, and establishing the company’s first West Coast distribution center.
The latest round of funding was lead by Technology Crossover Ventures (TCV), with participation from Bain Capital Ventures, Highland Capital Partners, and Advance Publications Inc.
Jennifer Hyman, Rent the Runway CEO and co-founder, said Rent the Runway is capping off an amazing year. In 2014 the company unveiled a new subscription service, Unlimited, which puts a woman’s closet on rotation. It also opened new retail stores in New York and Washington, D.C.; and doubled its customer base. The company currently has four retail locations in New York, Washington D.C., and Las Vegas and offers over 270 designer brands for women to choose from.
Hyman added, “Our company is at the forefront of a global movement towards the access economy, and we’re confident that partnering with TCV, the firm that has backed both Netflix and Spotify, will help us achieve our goal of inspiring every woman in the United States to have a subscription to fashion.”
TCV general partner Daniel O’Keefe said, “We are tremendously excited about the incredible momentum Rent the Runway is experiencing and believe that, with this investment, we can further accelerate the company’s growth.” He added, “Rent the Runway has given a whole new generation of women access to high-end fashion, and they are just getting started. We look forward to helping the company grow as it continues to create new ways to bring luxury experiences to customers everywhere.”