A rush of new investment for the company, which rents apparel and accessories.
Rent the Runway, a dress rental service, has raised $60 million in a series D round of new venture funding. The company has now raised a total of $116 million. Technology Crossover Ventures led the round, with participation from Bain Capital Ventures, Highland Capital Partners, and Advance Publications.
The company will use the new funding to open retail outlets in 15 markets and develop a distribution center on the West Coast.
In October, Fortune reported that the company was seeking to raise $50 million. Rent the Runway’s last round of funding valued it at $220 million (excluding cash from the investment). Rent the Runway is not profitable. The company launched a subscription business earlier this year to rent everyday wear to its five million customers.
From the October report: