U.S. Rent the Runway raises $125 million in Series F funding

New York-based Rent the Runway, an online designer dress and accessory rentals services provider, has raised $125 million Series F funding.

The round, which valued the company at $1 billion, was led by Bain Capital Ventures with participation from Franklin Templeton Investments and T. Rowe Price Associates Inc.

Rent the Runway plans to use the new capital to develop its subscription business as well as infuse more in technological innovations and infrastructure, targeting the establishment of its second fulfillment facility opening in Texas this spring.

The company will also use the funds to widen its assortment and category offerings to serve all parts of customers' lives, including the closet, home and beyond.