Deals
Rent the Runway Nears Funding Below Last $1 Billion Value
- Startup to be valued around $750 million, below previous round
- T. Rowe could lead funding round of at least $25 million
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Rent the Runway Inc. is close to raising new funding that would value the fashion startup below its previous $1 billion valuation, according to people familiar with the matter, the latest company to offer a discount to private investors as the pandemic ravages retailers.
New York-based Rent the Runway is seeking at least $25 million in a funding round led by T. Rowe Price Group Inc., which would value the startup at about $750 million, the people said, asking not to be identified because the matter is private. The company’s plans aren’t final and may still change, the people said.