Rent the Runway, an online dress and accessory rental company, has purchased Go Try It On, the company behind a mobile application that allows users to share fashion advice, photos and shopping lists.

Financial terms of the deal remain undisclosed.

Go Try It On, which touts 400,000 iPhone application users, raised about $3 million in funding from Index Ventures, SPA Investments and other venture capital firms. The service allows users to upload and edit photos as a way to share outfit ideas, and commentary on the brands they are wearing.

This is the first acquisition for New York-based Rent the Runway, which has so far raised roughly $55 million from various investors, including $20 million from a consortium made up of Advance Communications, private equity firm Bain Capital, venture capital firm Highland Capital Partners and Kleiner Perkins Caufield & Byers. The service has been looking to add social networking capabilities to its website. It recently unveiled an online social shopping platform, Our Runway, which allows women to search user-generated photos of other women with similar body types to see which clothes they prefer.

The deal for Go Try It On comes in the midst of a so-called land grab of mobile applications rooted in social networking. For more coverage, see “Google Wins Waze, Reportedly Beating Facebook and Apple for Real-Time Traffic Service,” “10 Startups Marissa Mayer Bought Before Tumblr” and “Facebook's Parse Purchase Follows Flurry of App Deals.”

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