News from Techcrunch china that. Rent the Runway has received a $20 million investment from Alibaba Chairman Ma Yun and Cai Chongxin Blue Pool Capital. Recode was the first media to report this news.
Blue Pool Capital is a multi-billion dollar fund that helps Ma Yun and Cai Chongxin invest in listed and unlisted companies. Rent the Runway is said to have a valuation of approximately US$800 million in this round of financing. The company completed its last round of financing in 2016 when the company received a $60 million E-round investment from Fidelity.
Rent a Runway was founded in 2009 and leases designer apparel to users for special events. Since then, the company's business has gradually expanded to include everyday wear services. Users can rent clothes from their closets to others.
In a statement to TechCrunch, Jennifer Hyman, CEO of Rent the Runway, said: "Over time, we have established a good relationship with the Blue Pool team. I am very pleased with the forward-thinking business leaders. Supporting Rent the Runway, we are about to usher in the biggest growth phase."
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