Designer clothing hire company Rent the Runway has surpassed the $ 1bn valuation mark with a new financing round . The firm , which has expanded from its initial formal dress rental business to include subscriptions for everyday clothing , announced that a further $ 125 m has been raised in a funding round led by ha Templeton Investments and Bain Capital Investments , bringing the total raised to $ 337 million along with a $ 250 m credit facility . With subscribers able to borrow four items at once for $ 159 per month , CEO Jennifer Hyman intends to " expand the Amazon Prime of clothing " by expanding its product categories .
Designer clothing hire company Rent the Runway has surpassed the $1bn valuation mark with a new financing round. The firm, which has expanded from its initial formal dress rental business to include subscriptions for everyday clothing, announced that a further $125m has been secured in a funding round led by Franklin Templeton Investments and Bain Capital Investments, bringing the total raised to $337m along with a $200m credit facility. With subscribers able to borrow four items at once for $159 per month, CEO Jennifer Hyman aims to "create the Amazon Prime of rentals" by expanding its product categories.