Away has successfully raised over $156 million in total equity funding, achieving a valuation of more than $1 billion. The company has completed two funding rounds, with the latest being a Series A round in September 2016.
Keep reading to explore the intricacies of Away's fundraising journey and the investors backing this innovative travel brand.
What Is Away?
Away, founded in February 2016 by Jen Rubio and Stephanie Korey, is a modern lifestyle brand based in New York City. The company specializes in designing and selling travel products, including luggage, bags, and accessories.
With a focus on creating thoughtful products to transform travel, Away has quickly become one of the fastest-growing consumer brands globally. The company has sold millions of travel products and expanded its shipping to nearly 40 countries.
Away employs between 201-500 people and has opened seven stores across two countries. The brand has received significant investment and recognition for its innovation and growth.
How Much Funding Has Away Raised?
- Seed Round
- Amount Raised: $2,500,000
- Date: August 2015
- Lead Investors: Forerunner Ventures and Accel Partners
- Motivation Behind the Round: To bring a high-end portfolio of luggage products to the masses by reducing costs through direct-to-consumer sales.
- Series A Round
- Amount Raised: $8,500,000
- Date: September 2016
- Lead Investors: Global Founders Capital
- Motivation Behind the Round: To expand Away's suitcase sales and retail stores internationally.
Away has raised a total of $11,000,000 in funding, achieving a valuation of over $1 billion.
Key Investors
- Global Founders Capital
- Details: The venture arm of Germany’s Rocket Internet SE, Global Founders Capital is known for its extensive global reach and investment in high-growth companies. They led Away's Series A funding round.
- Investment Focus Areas: E-commerce, technology, consumer goods
- Notable Investments: HelloFresh, Lazada, Delivery Hero
- Forerunner Ventures
- Details: Forerunner Ventures is a venture capital firm that focuses on early-stage investments in the consumer sector. They co-led Away's seed funding round.
- Investment Focus Areas: Consumer brands, retail innovation
- Notable Investments: Warby Parker, Glossier, Dollar Shave Club
- Accel Partners
- Details: Accel Partners is a venture capital firm that invests in early-stage and growth-stage technology companies. They co-led Away's seed funding round.
- Investment Focus Areas: Technology, consumer, enterprise, healthcare
- Notable Investments: Facebook, Dropbox, Slack
What's Next for Away?
As Away looks to the future, the company is poised to capitalize on the growing demand for smart luggage and direct-to-consumer sales models. With $8.5 million raised for international expansion, the opportunity to reach tech-savvy travelers globally is immense. The potential for growth is significant, as Away continues to innovate with features like built-in batteries and high-end materials.
Future fundraising rounds seem likely, given the strong investor confidence demonstrated in the Series A round. However, challenges such as scaling operations internationally and competing with established brands remain. Navigating different market preferences and regulatory environments will be crucial as Away aims to establish a global presence.
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