Confession time—we absolutely love Rent the Runway here at JustLuxe. Press events, meetings and conferences (including the after parties) can often leave us staring at our closets with nothing to wear, or at the very least nothing we haven’t already been seen in. And we know we’re not alone. The startup has been gaining in popularity since its early years and their funding has been growing exponentially. At this point investors are basically throwing money at the business, and Rent the Runway has been putting that cash to work opening a showroom in New York in last September and Washington D.C. shortly thereafter. So far everything has been going great.
Announced this morning, the brand has raised another $60 million in funding bringing its total backing to a whopping $116 million—quite the number for a fashion startup. Investors include Bain Capital Ventures, Highland Capital Partners and Advance Publications Inc. (parent company of Condé Nast), and Technology Crossover Ventures. In a statement, the company said it will be opening retail locations in 15 new markets in addition to a distribution center on the west coast to speed up delivery times and access for shoppers. Personally we’re hoping for a store in Southern California—fingers crossed.