Alibaba CEO invests 20 million dollars in Rent the Runway

Rent the Runway, a platform that rents designer collections for anything from a single wear to several months, has secured a 20 million dollar investment from Alibaba CEO Jack Ma and Joe Thai.

The investment comes via a multi billion-dollar fund from investment vehicle Blue Pool Capital, valuing Rent the Runway at a near 800 million dollars.

The platform previously raised 60 million dollars in a Series E round in 2016 and is reportedly at its biggest growth stage yet.

Rent the Runway was founded in 2009 renting catwalk dresses to people for special events for an affordable price. Since then the company has evolved its strategy to include daywear, letting users rent their wardrobes to other users as well as the option to buy clothes at a special price.

In a statement to TechCrunch, Rent the Runway CEO Jennifer Hyman said, “Over time, we have been fortunate to build a great relationship with the Blue Pool team, and I am delighted to have such forward-thinking business leaders behind Rent the Runway as we embark on our biggest growth stage yet.”

Photo credit: Rent the Runway; article source: Tech Crunch