Dive Brief:

• Dress and upscale apparel rental service Rent the Runway has raised $60 million in a round of new investment funding, upping its total funding to $116 million.

• The New York-based retail rental company plans to use the funds to open stores in 15 cities as well as a distribution center.

• The company had sought to raise $50 million.

Dive Insight:

Rent the Runway is a classic example of this moment’s penchant for a sharing economy. Investors are apparently smiling at the concept, willing to plunk down shares in a venture that rents designer apparel and accessories. Rent the Runway began as a strictly e-commerce venture and will use the latest round of investments to open physical outlets.