With $20M in new funding, Rent the Runway’s valuation just soared to $800M

March 13, 2018
RTR-funding
image via facebook

When Rent the Runway raised a $60 million Series E round back in 2016, many speculated the company would eventually go public. Rumors are circulating yet again, as the company announced that it received a $20 million investment from Jack Ma and Joe Tsai of Alibaba and Blue Pool Capital, respectively.

Though representatives at Rent the Runway declined to provide many details on the investment or plans for the future, they did note that this is a defining moment in the company’s growth.

“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,” said CEO and Co-founder Jennifer Hyman.

This investment increases the company’s valuation to almost $800 million — making it a big name in the $1.7 trillion dollar fashion industry.

I am delighted to have such forward-thinking business leaders behind Rent the Runway as we embark on our biggest growth stage yet.”

Since 2009, Rent the Runway has transformed women’s wardrobes and given them access — albeit temporary — to discounted designer clothing. Customers can rent an item online or from one of its brick-and-mortar locations, or subscribe to the service and rent multiple pieces at a monthly rate.

Could the next move be an IPO, acquisition or expansion? We’ll have to wait and see.

NYC startup guides

LOCAL GUIDE
Your Guide to the Best Tech Companies to Work for in NYC
LOCAL GUIDE
Inside the Best Software Engineer Jobs in NYC
LOCAL GUIDE
Tour the Coolest Tech Offices in NYC
LOCAL GUIDE
Inside the Best Sales Jobs in NYC
LOCAL GUIDE
Inside the Best Benefits at NYC Tech Companies
LOCAL GUIDE
Top NYC Startup Funding Rounds
LOCAL GUIDE
Your Guide to Cybersecurity in NYC
LOCAL GUIDE
Your Guide to Fintech in NYC
Developer Jobs
View 527 jobs
Design + UX Jobs
View 116 jobs
Marketing Jobs
View 188 jobs
Product Jobs
View 101 jobs
Sales Jobs
View 267 jobs
Data Jobs
View 135 jobs