Fashion fairy godmother Rent the Runway raises $20M for Cinderella moments

Lease the Driveway is dressed in up with $20 thousand in investment for its unique strategy to making style affordable.
Rent the Driveway is a industry where females can rent high-class, high-end outfits at a portion of the list cost. Many females (present organization included) wish for a wardrobe loaded with developer outfits, but do not have the budget to back up it. This desire is particularly noticeable during the holiday year's celebration of events.

As a young lady with a active public schedule, I want to put on something special without clearing my banking account. However, I do not want to put on the same clothing to every event, nor do I want to obtain several, cheap outfits. Lease the Driveway helps me accessibility quality, style, and variety within my cost range.

“Given the economic system and the occurrence of public networking, females are smart about making an investment in things like style,” said Chief executive Jennifer Fleiss in an meeting. “Everyone wants to publish images of themselves dressed in developer outfits to experience like their own superstar, but don’t want to put on those outfits again. We offer democratic high-class, so every lady can have Cinderella minutes and experience wonderful and self-confident.”

The organization was established by Jennifer Hyman and Jennifer Fleiss who met at Stanford Business School. Since releasing during 2009, the foundation has expanded to over 3 thousand members who have entry to a turning selection of 170 developer manufacturers, 35,000 outfits, and 7,000 components.
This is Lease the Runway’s third circular of funding. It brought up $15 thousand truly and $15 again this year to back up its growth.

Fleiss said at first it was a task to make older, men vc's understand the product, but clearly that has modified. All the past traders provided to this circular, such as Conde Nast mother or father organization Advance, Bain Investment Projects, Highland Investment Associates, and Kleiner Perkins Caufield & Byers. Lease the Driveway is based in New You are able to.