Alibaba founders back Rent the Runway

Rent the Runway, an online service that provides designer dress and accessory rentals, has secured investment from Blue Pool Capital. The company, which principally invests on behalf of Alibaba founders Jack Ma and Joe Tsai, has put $20 million into the business, valuing it at around $800 million.

“I have huge respect for Joe and Jack and wanted to opportunistically involve them in the business as we embark on our biggest growth stage,” Rent the Runway co-founder and CEO Jennifer Hyman told Recode. “Given the global aspirations that we have, especially in Asia, I thought they would be very good people to have around the table.”

Rent the Runway last raised funds in late 2016, when it secured a $60 million Series E investment led by Fidelity.