Rent The Runway, the website that lets users rent designer clothes, accessories and jewelry, has secured an additional $4.4 million in funding, bringing the total funding for the company to $54 million.
According to an article on TechCrunch, the startup has over 3 million members and 170 designer brands. Users can rent designer items for roughly 10 percent of the retail price, with most rentals ranging from $50 to $200.
CEO and co-founder Jennifer Hyman told TechCrunch that the new funding made sense from both a strategic and a financial perspective. The funding will be used to hire key executives within the company, in addition to backing marketing and inventory investments, the article reported.
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