Rent The Runway Gets $15 Million Venture Capital Fund

Founded in November 2009, the website concept is to rent designer clothing and accessories.

Recently, the website has been obtained from

The value of the venture capital fund of US $15000000.

Aileen Lee, as partner of Kleiner Perkins, joined the board of directors of Rent the Runway.

According to Rent the Runway, the venture capital fund has brought in additional investment of US $31700000, of which Bain Capital has provided a seed fund of US $1700000 and an additional $5 million has been invested as a pre investment fund.

Highland Capital also invested $10 million in initial funding.

CEO Jennifer Hyman said that although the company has been profitable for several months, much of its capital has been spent on infrastructure and technology improvements.

The company has been hoping to scale up and provide consumers with more convenient and fast services.

At first, there were only 25 designer brands, and now it has been extended to 140. The range of rental designer brand has also extended from the original clothing only to the relevant accessories including underwear.

At the beginning of this month, the membership of the website reached 1 million, which is expected to exceed 20 million dollars in 2011.