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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 …

Egypt Lifts Ban On Uber And Careem Operations

image : Uber

Egypt's top administrative court has lifted a ban on operations by ride-hailing services Uber and Careem, which have met opposition from traditional taxi drivers. The decision made by Egypt's supreme administrative court overrules that of a lower court that ordered Uber and Careem to halt their activities in the country.

In March 2018, a lower administrative court withdrew the permits of Uber and its Middle East rival Careem after 42 drivers filed suit against both companies. The local taxi drivers accused both of violating Egyptian traffic laws by enabling the use of private vehicles for commercial purposes.

image : Uber

Uber has faced legal hurdles around the world, even in the US where it's based, from traditional taxi operators who have seen their operations disrupted by the emergence of ride-hailing services. Just recently, the San Francisco based company took New York City to court over a limit placed on the number of ride-hailing drivers allowed to operate on the streets.

In November, it resumed its service in Abu Dhabi after a 2-year suspension from the UAE capital. Uber was reportedly in talks to acquire Careem but so far, no such deal has been seen, with the Middle Eastern rival raising a $200 million Series F round in October. Careem recently launched a bus booking service in Egypt, with Uber following suit.

image : Uber

With their permits now brought back, a full ride-hailing service launch may come soon. Just last week, Uber entered an agreement with Egypt's tax authority to pay value-added tax (VAT), which Careem said it had been paying since 2018. Uber has said Egypt is its biggest market in the Middle East, with four million users and 157,000 drivers since its launch there in 2014.



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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.


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