In a significant development for the fashion rental space, Rent The Runway (RTR) has successfully raised $1.8 million as part of their ongoing mission to revolutionize the trillion-dollar fashion industry. Founded in 2009, RTR operates the worldâs first and largest shared designer closet, the "Closet in the Cloud," which has empowered women to feel their best every day through accessible, stylish options. The funding will primarily be directed towards enhancing their innovative platform, further expanding the vast assortment of millions of items available for every occasionâranging from chic evening wear to comfortable loungewearâavailable via subscription, a-la-carte rentals, and resale options from hundreds of prestigious designer brands.
Under the astute leadership of CEO and Co-Founder Jennifer Hyman, RTR has not only transformed how women approach fashion but has also been recognized numerous times, featuring on CNBCâs âDisruptor 50â list five times in ten years and Fast Companyâs Most Innovative Companies list four times. Jennifer herself has been highlighted as one of the âTIME 100: Most Influential People in the Worldâ and one of People Magazineâs âWomen Changing the World.â With this new round of funding, Rent The Runway is poised to strengthen its two-sided discovery engine, further connecting engaged customers with differentiated brand partners. As RTR continues to innovate and expand, it remains committed to making high fashion accessibleâproving that every woman deserves an extraordinary experience in style and self-expression, without the constraints of traditional retail.
