Rent the Runway Becomes a Unicorn With Mutual Fund Backing
The fashion rental startup is now valued at $1bn, the company said as it announced its latest funding round. Rent the Runway raised a fresh $125m from investors co-led by Franklin Templeton Investments and Bain Capital Ventures. T. Rowe Price Group Inc. and Hamilton Lane Advisors joined as new investors.
Rent the Runway was started in 2009 by Jennifer Hyman and Jenny Fleiss as a way to rent designer dresses for events like weddings, galas and parties.