Shares of online apparel rental service Rent the Runway closed at $19.10 on its opening day on Wednesday, down nearly 10% from the company’s initial public offering price of $21. The stock initially jumped to $24.75 before settling back to around $23, giving the company a market capitalization of $1.6 billion. Rent the Runway raised $357 million after selling 17 million shares in the offering,...
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Sequoia Capital Targets $2.25 Billion for Two U.S. VC Funds
Sequoia Capital, defying the tech market sell-off that’s chilled startup fundraising, is asking investors to commit money to two new U.S.-focused funds, according to two people familiar with the matter. The Menlo Park, Calif.-based venture capital firm behind Airbnb and DoorDash expects to dedicate $1.5 billion to a U.S. growth fund focused on more mature companies, the people said....
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