Rent The Runway is a website where you can rent designer clothes at a reduced price for a four night loan. The cost of the designer clothes is at a 10% retail price. This business model is the reason why the company raised $15 million in funding, according to an SEC filing. Bain Capital Ventures was involved in the company’s seed funding. And a previous filing indicates that the company raised $1.5 million. [TechCrunch]

Hi5 has acquired a Austin, TX based social gaming company Big Six. Hi5 appointed Big Six CEO and co-founder Kevin Gliner as the SVP of production at the social network company. Hi5 said that this deal brings “significant new technology and software platforms in the areas of payment processing, fraud detection and conversion optimization.” [paidContent]

According to Ted Mico, the EVP of Interscope/Geffen’s digital division, Lady Gaga’s music videos control about 25% of Vevo’s traffic. Vevo is run by Universal Music, Sony Music, and EMI Music. Vevo received about 35 million unique visitors in January 2009, but the service is not yet profitable. Lady Gaga performed at Vevo’s launch party in New York too. The chances of her having a bad romance (pun intended) with Vevo in the future are very slim seeing these numbers. [CNET]

Mi-Pay Ltd. is a British mobile company that operates as a payment service for wireless carriers and banks. The company raised £3 million ($4.6 million) from Octopus Ventures Ltd. and Albion Ventures LLP as the company is preparing to launch a new service. “With their help, we can develop the many significant opportunities in this dynamic market while continuing to deliver our award winning market innovation,” stated Mi-Pay CEO Norman Frankel. [FinExtra]

In the video below, Bravo is promoting a badge on Foursquare. Below is a 20 second clip where Padma Lakshmi and Rachel Zoe are using the application and the background announcer says “You’ll find your friends and the best Bravolebrity tips on where to go.” I just started using Foursquare this week and am already hooked on it. Foursquare is a mobile application where you can essentially check into bars, restaurants, and other establishments.

If you check into certain places a certain number of times, you are awarded a badge. You can share where you check in on Facebook and Twitter. There is a bit of social networking linked around the whole system too because you can see who else checked into the same locations.

Denise Gray was an important member of the 2011 Chevrolet Volt team. As the Chevrolet Volt has gone into production, Gray decided to move from Detroit to a startup company in Silicon Valley. Gray was the director of global battery systems for General Motors. The position and company that she is joining is currently unknown. Gray’s team met its goal for getting the Volt battery pack certified and delivered within the time-line. [Green Car Reports]

Earlier this morning Facebook was awarded a patent that was titled “Resource Management of Social Network Applications.” The inventors listed include Thomas Scott Whitnah, Matthew Alexander Rush, Ding Zhou, and Ruchi Sanghvi. The patent relates to how users engage with an interactive application. This includes “forced invitations” and “user affinity” for people that install applications. [AllFacebook]

InterActiveCorp’s dating website company Match.com has acquired Singlesnet. Singlesnet offers similar services as Match.com. Match.com sees the acquisition has having value rather than being strategic. SinglesNet will continue to operate as an independent company. As a result of the deal, Match.com’s Adrian Ong head Singlesnet going forward. [TechCrunch]