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Rent The Runway, owner of 65,000 fancy party dresses and on the verge of becoming America's largest dry cleaner, is hoping to raise $50 million in new venture funding. Fortune reports that the company has been meeting with investors for fundraising, though a deal has not yet been signed.
According to Fortune, Rent The Runway isn't currently profitable, but the company says it will bring in $48 million in revenue this year and $80 million next year. And valuation for Rent The Runway could range from $400 million and $600 million, according to Forbes. The company's new unlimited accessories service is helping assuage investors that Rent The Runway isn't just for special occasions. Forbes reports that there are more than 40,000 people on the waiting list for Unlimited, which is still in beta mode.
· Rent the Runway Raising $50 Million [Fortune]
· Rent The Runway Nears End Of Series D Round, Valuation Could Top $600 Million [Forbes]
· Rent the Runway Is Turning Into Our Nation's Largest Dry Cleaner [Racked]
· I Own Nothing, Or How Renting Fancy Bags Changed My Life [Racked]