Alibaba’s Jack Ma and Joe Tsai are pumping $20 million into Rent the Runway through their investment firm

Rent the Runway, a women's clothing rental business, has had $20m invested into it by Blue Pool Capital, a financial firm that principally invests the wealth of Alibaba founders Jack Ma and Joe Tsai.

Rent the Runway, which was founded in 2009, last raised funds in late 2016, when it secured a $60m Series E investment led by Fidelity. That deal valued the company at $750m, according to PitchBook. The new funds from Blue Pool Capital have increased the company's value to just under $800m, according to research firm Lagniappe Labs.

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