Rent the Runway Gets Major Investment

Rent the Runway—which rents designer dresses, bridesmaid dresses and accessories online—raised $15 million in venture capital from Kleiner Perkins Caufield & Byers. The 18-month-old site launched with more than $16 million in capital from Bain Capital Ventures and Highland Capital. This latest injection of cash will allow the company to open multiple warehouse hubs outside of New York City next year. Also, the company will personalize shopping by using proprietary algorithms rivaling that of Netflix. Since it launched in 2009, Rent the Runway has grown to more than 1 million members.