Rent the Runway, a US-based renter of designer clothes, has raised $20m from a consortium led by Advance Publications, the parent company of magazine publisher Conde Nast, as a new investor.
Venture capital firms Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers reinvested in Rent the Runway. The three VCs had in aggregated provided $31m to the portfolio company.
Bob Sauerberg, president of Conde Nast, will join Rent’s board and said: “We are excited about our new association with Rent the Runway and look forward to creating unique consumer-centric programs with them.”
Rent the Runway has more than three million members and 170 designer brands, and recently introduced its online social shopping platform, Our Runway, which allows women to shop based on user-generated photos of real women with their similar body type, rather than the typical model image.
