According to Yahoo News, Initialized Capital, a San Francisco-based venture firm, has hired Rent the Runway co-founder Jenny Fleiss as a new partner. In June, the firm announced an open search for a new partner, a rare move in the venture capital industry, aimed at promoting transparency and equity in the sector. Fleiss's appointment brings the total number of partners at Initialized Capital to five, with four of them being women.
Jenny Fleiss co-founded Rent the Runway, a platform that allows customers to rent designer clothing, in 2009. She later led Jetblack, Walmart's text-based personal shopping experiment, which was eventually shut down. The base salary for a partner at Initialized Capital ranges from $400,000 to $650,000, excluding bonuses and carried interest. The firm's staff of approximately 33 people is 60% female, a rarity in the predominantly male-dominated industry.
Fleiss is particularly interested in investing in artificial intelligence accessibility and personalization, as well as e-commerce companies. She believes that the internet has commoditized many things, making almost anything accessible. Fleiss sees the future of consumer brands in providing personalized and experiential thoughtfulness to customers.