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…

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