Rent the Runway is now valued at $1 billion after raising $125 million in a new round of funding.
announced Thursday that it had raised $125 million in a round of funding. The company is now valued at $1 billion.Rent the Runway plans to use the funding to expand into more product categories and open a second distribution warehouse in Dallas and an 8,000-square-foot store in San Francisco.
"You'll continue to see that this new living closet that we've created is going to apply not only to how you get dressed, but it'll apply to all of the products that you use," Jennifer Hyman, Rent the Runway's CEO and cofounder, told The Times."Our goal is really to create the Amazon Prime of rental."
Rent the Runway has paved the way here, but increasingly, other mainstream brands are jumping on the concept.
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