New York-based consumer goods company Rent the Runway has secured $125 million in funding, according to company database Crunchbase, topping the city’s recent funding headlines. The cash infusion was announced March 21.
According to its Crunchbase profile, "Rent the Runway is an online e-commerce website that allows women to rent designer apparel and accessories. It is transforming the way modern women get dressed — and in turn disrupting the $1.7 trillion fashion industry — through the concept of renting over buying clothing. Founded in 2009 by Jennifer Hyman and Jennifer Fleiss, RTR pioneered the 'closet in the cloud' and believes that women everywhere will soon have a subscription to fashion, making renting an indispensable utility while also empowering them to feel like their best selves every day."
The nine-year-old company has raised nine previous funding rounds, including a $200 million debt financing round in 2018.
The round brings total funding raised by New York companies in commerce and shopping over the past month to $232 million. The local commerce and shopping industry has produced 193 funding rounds over the past year, yielding a total of $3.2 billion in venture funding.
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