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Rent the Runway raised $337 million through venture funding

Rent the Runway

A $125 million round that was led by bain capital ventures and the Franklin Templeton investments was closed by Rent the Runway. The round valued the company with a profit of $1 billion and in total Rent, the Runway has managed to raise $337 million in venture fundraising. Jennifer Hyman, the CEO of the company Rent the Runway stated that Rent the Runway is happy to take the lead in the market and make innovations in their subscription process and services. The CEO further states that they have shared successful and dynamic ownership in the company and has stepped up over the last few years. With the stature of the company’s fifth brick and mortar space,  Rent the Runway opened another location in San Francisco at the end of last year.

The company, Rent the Runway was launched ten years ago. It has extended its services from the one-time rental offering to three new offerings of which the two of them include subscription offerings. With the fund raised through the ventures,  Rent the Runway has decided to expand their subscription offerings. Not only that but expand their offers on clothing and home decors. It has also planned to open additional fulfillment facilities. Since the foundation of Rent the Runway, many other fashion companies have been closed.  In the year of 2017, stitch Fix was cropped up and went public. In the late of September, Maureen Sullivan, the COO of Rent the Runway stated that the basic difference between Rent the Runway and Stitch Fix is that they compel the customers to buy the products that are already available in the closet.

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