Away Raises $50 Million
Direct-to-consumer travel brand Away completed a $50 million Series C round, one of the largest rounds raised by women founders in 2018. The latest round brings its total funding to $81 million and was led by existing investors Forerunner Ventures, Global Founders Capital, and Comcast Ventures.
After its 2016 launch with an initial investment of $2.5 million, Away entered the $40 billion dollar global luggage industry as a direct-to-consumer brand. The company claims it reached profitability in under two years, generating five times as much revenue in 2017 as it did in 2016, having sold 500,000 suitcases to date.
With this latest round of funding, Away plans to extend to new markets, expand its product line, and increase its physical retail footprint by opening six new stores in addition to its current New York, Los Angeles, San Francisco, and Austin locations. It also plans to build on its existing social impact efforts through its partnership with Peace Direct, and create 249 new jobs over the next five years, ultimately transitioning the team into a 56,000-square-foot new global headquarters in New York City.