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 $200 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 $125mm 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.
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.