It’s been quite a year for fashion startup Rent the Runway—and not only because it's been capped off with a $60 million funding led by Fidelity Investments, valuing it at $750 million. The company turned a profit on an EBITDA basis, recording revenue of more than $100 million and securing a valuation that’s a "significant step up" from the $520 million it was valued at in 2014, per Recode. Rent the Runway, which was built on its designer dress rental business, launched a monthly subscription service earlier this year, where users pay a flat fee for up to three items that can be replenished as often as they like, similar to the services offered by VC-backed Le Tote.
The new funding is a welcome turnaround for a company that started the year scrambling to recover from bad PR. In November 2015, Fortune reported that seven top executives had left Rent the Runway in the preceding 10 months, possibly due to an unwelcoming corporate culture that departing employees reportedly compared to the movie "Mean Girls." That said, with this latest investment and a path toward profitability, Rent the Runway seems to be back on the upswing.