Hyde Closet is aiming to raise a $5M seed round

Hyde Closet, a menswear rental service company, is raising a $3 million to $5 million seed round, as it seeks to address retailers’ excess inventory problem, COO Aaron Crist tells Axios exclusively.

Why it matters: Around 20% of excess inventory is sitting in warehouses unused, according to a CNBC survey of 90 logistics managers.