The company will use some of these new funds to grow its retail footprint, which includes stores in six cities and, soon, within outposts of high-end chain Neiman Marcus. It will also invest in its operations, as well as renting apparel to 6 million members and also grow its Unlimited subscription service. The latter functions as a 'closet in the cloud', allowing women to rent and wear up to three pieces at a time for USD 139 per month. Subscribers can keep an item for weeks or send it back after a day, choosing new looks with a swipe of the company's mobile app. Shipping and dry-cleaning are included.
The new funding round was led by new investor Fidelity. It brings the company's total funding to date to USD 190 million. Rent the Runway's valuation was estimated at up to USD 600 million after its Series D round.
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