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Rent The Runway Raises $125 Million, At $1 Billion Valuation

New York based clothing rental startup Rent the Runway has raised $125 million in funding co-led by Franklin Templeton Investments and Bain Capital Ventures, with participation from all existing lead investors, T. Rowe Price and Hamilton Lane Advisors. This round brings the total raised by the company to approximately $337 million and values it at $1 billion.

With this investment, Franklin Templeton portfolio manager Sara Araghi has been appointed to Rent the Runway's board, joining as the fifth female board member at the female-led company. The company says the new funding will enable it to accelerate subscription growth, infrastructure and broaden assortment and category offerings.


“Shared, dynamic ownership is a movement that Rent the Runway has pioneered over the last decade and we’re excited to continue to lead the market and innovate our subscription service,” Rent the Runway co-founder and CEO Jennifer Hyman said in a statement. "The apparel and accessories market is …

Uber Reportedly Selects Morgan Stanley to Lead Next Year IPO

Uber CEO Dara Khosrowshahi (middle) speaks at this year's Fortune Most Powerful Women Summit

image : Photograph by Stuart Isett/Fortune Most Powerful Women

Uber has reportedly selected investment bank Morgan Stanley for its long-awaited IPO scheduled for next year putting the bank which has lead IPOs for technology companies including Sonos, NIO, Tenable, Bloom Energy, Domo and Moderna Therapeutics in a position to reap a large gain from a public offering which could value Uber at $120 billion.

Bloomberg reports Goldman Sachs is also likely to play a role in the IPO which would mark one of the largest debuts ever and will likely be the largest listing to take place next year. Morgan Stanley was previously reported to have helped Uber draft its IPO prospectus.

General Motors President Dan Ammann (center) with Lyft co-founders John Zimmer (right) and Logan Green (left)

image : General Motors

Rival Lyft's IPO is being led by JPMorgan Chase with the help of Credit Suisse and Jefferies Financial Group. It's said to be targeting a valuation between $18 billion - $30 billion for its debut. 

Big winners from the Uber IPO will include Softbank which purchased $8 billion of shares from investors and $1.25 billion worth of new shares in what marked as the largest equity transaction for a VC backed company early this year, its second largest backer Benchmark, Uber co-founders Travis Kalanick and Garrett Camp, The Saudi Government, Alphabet, Chris Sacca's Lowercase Capital, hedge funds Tiger Global and Coatue Management, Fidelity, Menlo Ventures and First Round Capital.

Lowercase Capital's Chris Sacca was an early investor in Uber. Other notable Lowercase bets include Twitter, Docker, Optimizely, Instagram, Twilio, Kickstarter and Lookout.

image : Loic Le Meur on Flickr

Big winners from Lyft's will include Rakuten, General Motors, Fidelity, Andreessen Horowitz, Alphabet's CapitalG and its co-founders John Zimmer and Logan Green.


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Rent The Runway Raises $125 Million, At $1 Billion Valuation

New York based clothing rental startup Rent the Runway has raised $125 million in funding co-led by Franklin Templeton Investments and Bain Capital Ventures, with participation from all existing lead investors, T. Rowe Price and Hamilton Lane Advisors. This round brings the total raised by the company to approximately $337 million and values it at $1 billion.

With this investment, Franklin Templeton portfolio manager Sara Araghi has been appointed to Rent the Runway's board, joining as the fifth female board member at the female-led company. The company says the new funding will enable it to accelerate subscription growth, infrastructure and broaden assortment and category offerings.


“Shared, dynamic ownership is a movement that Rent the Runway has pioneered over the last decade and we’re excited to continue to lead the market and innovate our subscription service,” Rent the Runway co-founder and CEO Jennifer Hyman said in a statement. "The apparel and accessories market is …