NEW YORK, March 11, 2013 /PRNewswire/ -- Rent the Runway (www.RenttheRunway.com), the leading online destination for designer dress and accessory rentals, today announced the expansion of its Series C round of funding, bringing the total Series C amount raised to $24.4 million. The initial round was led by Advance Publications, Inc., parent company of Conde Nast and includes American Express and Novel TMT Ventures, as well as all of Rent the Runway's existing investors, including Bain Capital Ventures, Highland Capital Partners and Kleiner Perkins Caufield & Byers.
"The addition of American Express and Novel TMT Ventures is an affirmation of our mission and strategy. Both brands embody aspiration and through these partnerships, we look forward to continuing to make luxury accessible to women everywhere," said Jennifer Hyman, CEO and co-founder of Rent the Runway.
The funding will be used to continue hiring key executives within the company, in addition to marketing and inventory investments.
Ed Gilligan, Vice Chairman of American Express commented, "American Express is committed to being an enabler of commerce, and we recognize that Rent the Runway is delivering a creative commerce solution to a consumer need in a way that's simple, seamless and scalable."
Novel TMT Ventures investments include Warby Parker, Business of Fashion, Moda Operandi, Dailylook, Context Logic, Playspan, Facebook, Delivery Hero and Skrill.
ABOUT RENT THE RUNWAY:
Rent the Runway is the premier online destination for designer dress and accessory rentals. With a revolving roster of over 170 top designers, 35,000 of the season's hottest dresses, and 7,000 accessories, Rent the Runway is designer fashion delivered to her doorstep for a fraction of the price. For all of life's special occasions, www.RenttheRunway.com provides the Cinderella experience for women everywhere.
SOURCE Rent the Runway