Rent frock Repeat Raises $1.15 Million Round Led by Canadian Female Angel Investors
Toronto’s Rent frock Repeat has raised $1.15 million.
The round was led by Canadian female angel investors Coralie Lalonde and Caroline Somers. It saw “a large number” of angels emerge from the Ottawa area, as well as others from Alberta and British Columbia, according to the Canadian comany.
The funds will be dedicated to recruiting new top talent to join the Rent frock Repeat family as they expand and open new showrooms in 2015. It will also be used to acquire new inventory and new designers for women to choose from.
Rent frock Repeat, a Toronto-based collaborative consumption startup helping women across Canada wear rented frocks.
Founded in 2010, Rent frock Repeat helps women attending a special event overcome the pressure and inconvenience of shopping by helping them save time, money, wardrobe space by offering a first-of-its-kind designer dress rental service in Canada.
“I am the exact target market. I hate shopping – it’s a chore. I hate fashion. Men can wear the same shirt, suit, and tie to every event but for women, we have to change it up all the time,” explained Lalonde. “With Rent frock Repeat, it’s just a brilliant, easy, experience. Why would I ever go shopping again?”
A strong believer in the sharing economy, Lalonde credits founders Lisa Delorme and Kristy Wieber’s strategic, forward-thinking as they push the collaborative consumption needle forward in Canada. “It’s a disruptive way to do business and they recognize this. Why aren’t we sharing more?” she posits.
“There is a definite market opportunity for this,” agrees Somers. “This is where we need to go in the future. I need less stuff in my life, especially in my closet. Why spend $1,000 on a dress for a charity event when I could rent one and in turn, use that money to make a donation to the charity?”