Rent The Runway, a Netflix for designer clothes, has raised $15 million in funding according to an SEC filing. The startup does exactly what it’s name indicates: it allows anyone to rent designer clothes for a fraction of the price.
Once you pick a design on the site that you’d like to wear, you can schedule a delivery date. Rent The Runway will send two sizes, to ensure that you receive a dress that fits. Rentals on the site run from $50 to $200 for a four night loan, or 10% of the retail price. According to the New York Times report, Bain Capital Ventures provided seed financing for the startup. It appears that Rent The Runway raised $1.5 million according to a previous filing. We’ve contacted the company to confirm the investors and funding and will update when we hear back.
Rent the Runway is a disruptive eCommerce business with a mission to democratize luxury in the U.S. – simply, we believe that everybody deserves a Cinderella experience. We provide millions of women the ability to rent designer dresses, accessories and other essentials for a fraction of the retail price, allowing them to look, and more importantly, feel, beautiful for all of their special occasions. A goal of the company is to make rental a significant part of the retail...
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