Rent the Runway, which provides rentals of designer clothes, has acquired VC-backed Go try It On, which operates a mobile app for users to share photos and solicit feedback on the clothes they wear. Financial terms of the deal were not disclosed. Go Try It On had raised about $3 million in funding from Index Ventures and other investors. New York-based Rent the Runway has raised about $55 million from Kleiner Perkins Caufield & Byers, Highland Capital Partners and others since it was founded three years ago.
RENT THE RUNWAY TO ACQUIRE SOCIAL STYLING APPLICATION GO TRY IT ON, INC.
Marissa Evans to Become Head of Radical Innovation at Designer Dress Rental Company
NEW YORK, June 25, 2013 – Rent the Runway, (www.renttherunway.com) the leading online destination for designer dress and accessory rentals, announced today the acquisition of Go Try It On, Inc., a social retailing startup that uses a mobile application platform to facilitate the sharing of styling ideas and advice. As part of the acquisition, Marissa Evans, Founder and CEO of Go Try It On, will join Rent the Runway as Head of Radical Innovation, a newly created role within the company.
“Go Try It On is a natural fit for Rent the Runway considering its user base is greatly aligned with our customers,” said Jennifer Hyman, CEO and Co-founder of Rent the Runway. “Beyond that, we are looking forward to the expertise and leadership Marissa will bring to our Radical Innovation team, from which we anticipate initiatives that will revolutionize our business in the years to come.”
As a social network for styling, Go Try It On allows it’s over 400,000 iPhone application users to share photographs of styles they love, and send and receive suggestions on what to wear and buy with participating friends, stylists and brands. As part of the acquisition, Rent the Runway will benefit from their database of style conscious women, along with Evans entrepreneurialism and mobile experience.
ABOUT RENT THE RUNWAY:
Rent the Runway is the premier online destination for designer dress and accessory rentals. With a revolving roster of over 170 top designers, 35,000 of the season’s hottest dresses, and 7,000 accessories, Rent the Runway is designer fashion delivered to her doorstep for a fraction of the price. For all of life’s special occasions, www.RenttheRunway.com provides the Cinderella experience for women everywhere.
ABOUT GO TRY IT ON:
Go Try It On is a style social network dedicated to helping people answer the question “What should I wear?” Its mobile application allows users to upload photos of styles they love and get advice about what to buy and what to wear from other participating users, including friends, stylists and brands. Financed in part by Index Ventures and SPA Investments, Go Try It On currently has over 400,000 iPhone app users and over 20 million opinions within the community.