The online dress rental service has raised more than $50 million to date.
Allison Enright , Editor
Rent the Runway has raised $20 million in a new funding round. The e-retail site rents designer dresses and accessories to consumers. A consumer can rent an $1,100 cocktail dress for four days for $150 dollars, for example.
The retailer says all investors from previous funding rounds contributed to the latest round. That includes Advance, the parent company of Condé Nast, the media company that publishes Vogue, W and Women’s Wear Daily. Bob Sauerberg, president of Condé Nast, will join the e-retailer’s board of directors as part of the latest investment. “We are excited about our new association with Rent the Runway and look forward to creating unique consumer-centric programs with them,” Sauerberg says.
Rent the Runway has raised more than $51 million in capital since 2009, including the latest funding round. Other investors include Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers.