News

Rent The Runway, the 'Netflix for fashion,' secures more funding

March 11, 2013

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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