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Rent the Runway just surpassed its goal to raise $50 million dollars by pulling in a cool $60 million after its latest round of funding. Plans for all that cash include opening new stores "across 15 key markets" and adding new women's brands plus a West Coast distribution center. That means rented cocktail dresses will soon be flying around the country at an almost alarming rate.
The money came from the deep pockets of investment firm Technology Crossover Ventures, Highland Capital Partners, Bain Capital Ventures, and Advance Publications, Inc (the parent company of Conde Nast). RTR's CEO and co-founder Jennifer Hyman told Fashinvest, "We're confident that partnering with TCV will help us achieve our goal of inspiring every woman in the United States to have a subscription to fashion."
· Breaking News: Rent the Runway Raises a Cool $60 Million [Fashinvest]
· Rent the Runway Seeks Another $50 Million [Racked]