Rent the Runway has snagged a $20 million investment from Alibaba CEO Jack Ma and Joe Tsai via Blue Pool Capital, Recode first reported.
Blue Pool Capital is a multibillion-dollar fund that invests in public and private equity on behalf people like Ma and Tsai. The round reportedly values Rent the Runway at about $800 million. Rent the Runway’s previous investment came in back in 2016, when it raised a $60 million Series E round led by Fidelity.
Rent the Runway first launched in 2009 to rent designer dresses to people for special events. Since then, the company has evolved its business to include an everyday-wear type of service that lets people rent out their closets to other people.
In a statement to TechCrunch, Rent the Runway CEO Jennifer Hyman said, “Over time, we have been fortunate to build a great relationship with the Blue Pool team, and I am delighted to have such forward-thinking business leaders behind Rent the Runway as we embark on our biggest growth stage yet.”