December 22, 2014 Comments Off on The sharing economy boom
In today’s collaborative economy, anything can be shared. From rides to tools, from rooms to home-cooked meals, anything that is worth sharing is now being shared and the surprising thing is, the market is responding positively. Thanks to the recession, today, hundreds of people have realised the value of collaboration and relied on peer-to-peer services to earn or save extra money. Social media and mobile technology have enabled the sharing economy and helped turn startups like Uber and Airbnb into billion dollar businesses. The success of these companies has inspired many startups to aspire to be the next big thing. One of these companies is Rent the Runway. What makes Rent the Runway exceptional is it’s known for being reliable and for its mammoth collection of expensive designer clothes and fashion accessories. The New York-based company boasts that it rents as many as 65,000 dresses, 25,000 earrings, bracelets and necklaces every single day to more than five million members. A $3,000 designer gown can be rented for as low as $70 on the site. Some clothes can go as low as $30 per rental. With very affordable rates, how couldn’t Rent the Runway have a five million customer base? The company recently announced a $60 million round of Series D funding led by Technology Crossover Ventures, with participation from Bain Capital Ventures, Highland Capital Partners, and Advance Publications, Inc. The latest investment brings the company’s total funding to $114.4 million.
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