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Total amount raised
$181M
Latest funding date
2019-05-14
Location
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.
What Is Away?
Away, founded in 2015 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, reaching a valuation of $1.4 billion after its Series D round in 2019.
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. Additional participants included Andy Dunn, Brian Lee, Jeff Kearl, and Shawn Carter.
- 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. Participants included Forerunner Ventures, Accel Partners, Comcast Ventures, and Barry Sternlicht.
- Series B Round
- Amount Raised: $20,000,000
- Date: May 2017
- Lead Investors: Global Founders Capital
- Motivation Behind the Round: To fund rapid expansion into new product categories and brick-and-mortar retail stores. Participants included Forerunner Ventures, Comcast Ventures, and Accel Partners. Also included notable individual investors Karlie Kloss and Stewart Butterfield.
- Series C Round
- Amount Raised: $50,000,000
- Date: June 2018
- Lead Investors: Forerunner Ventures, Global Founders Capital, and Comcast Ventures
- Motivation Behind the Round: To expand U.S. store footprint and global reach. Away announced profitability within two years of founding at this time. Total funding reached $81 million after this round.
- Series D Round
- Amount Raised: $100,000,000
- Date: May 14, 2019
- Lead Investors: Wellington Management
- Motivation Behind the Round: To accelerate global expansion and product innovation, valuing Away at $1.4 billion. Participants included Baillie Gifford, Lone Pine Capital, and Global Founders Capital.
Away has raised a total of $181,000,000 in disclosed funding across five rounds, achieving a valuation of $1.4 billion following the Series D round in 2019.
Key Investors
- Wellington Management
- Details: Wellington Management is a prominent global investment management firm. They led Away's Series D round in May 2019, the company's largest funding round to date, at a $1.4 billion valuation.
- Investment Focus Areas: Growth equity, consumer, technology
- Notable Investments: Baillie Gifford partnerships, growth-stage consumer brands
- 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 and Series B rounds and participated in subsequent rounds.
- Investment Focus Areas: E-commerce, technology, consumer goods
- Notable Investments: HelloFresh, Lazada, Delivery Hero
- Forerunner Ventures
- Details: Forerunner Ventures is a venture capital firm focused on early-stage investments in the consumer sector. They co-led Away's seed round and participated as a lead investor in the Series C 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 round and participated in subsequent rounds.
- 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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