Rent the Runway Gets $20M Investment from Conde Nast Parent and Others
Bain Capital, Highland Capital Partners and seed investor Kleiner Perkins Caufield & Byers also contributed to the investment
Rent the Runway, an online dress and accessory rental company, has a new $20 million investment from Advance Communications, private equity firm Bain Capital, venture capital firm Highland Capital Partners and Kleiner Perkins Caufield & Byers.
The company had already raised $31 million in venture capital.
The website currently has more than 3 million members and 170 designer brands that members can rent.
Advance Communications is the parent company of Conde Nast, which publishes 18 consumer magazines and operates 27 websites.
Bain Capital, headquartered in Boston, has also invested in Burlington Coat FactoryGuitar Center and Michaels. Caimbridge, Mass.-based Highland Partners has invested in Pinkberry, lululemon athletica and Life Gear.
Kleiner Perkins, based in Menlo Park, Calif., has invested in Groupon (Nasdaq: GRPN), Legal Zoom and Twitter.
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