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Temasek Holdings extends US$200m credit facility to US clothes rental firm Rent the Runway
TEMASEK Holdings has extended a US$200 million credit facility to United States clothing rental firm Rent the Runway.
Announcing the deal on Thursday, Rent the Runway said that it would use the funds to drive subscription growth, expand its reverse logistics operations and refinance its existing debt facility.
In connection with the transaction, Temasek has received warrants and an observer seat on the board of directors.
Rent the Runway has raised more than US$200 million from investors and has more than nine million members. Its two-year-old subscription business has growth 150 per cent year-on-year and now represents over half of total revenue.