{"id":160177,"date":"2018-06-28T21:35:52","date_gmt":"2018-06-28T21:35:52","guid":{"rendered":"https:\/\/www.theindustry.fashion\/away-raises-50m-in-series-c-round-to-fund-international-expansion\/"},"modified":"2021-08-12T13:53:11","modified_gmt":"2021-08-12T13:53:11","slug":"away-raises-50m-in-series-c-round-to-fund-international-expansion","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/away-raises-50m-in-series-c-round-to-fund-international-expansion\/","title":{"rendered":"Away raises $50m in Series C round to fund international expansion"},"content":{"rendered":"

Direct to consumer luggage brand Away<\/a> has raised $50m in a Series C fundraise<\/strong>, one of the largest\u00a0rounds raised by women founders this year, to enable its global expansion, which will include a new store in London this summer.<\/p>\n

The brand, which was founded by Jen Rubio and Steph Korey in 2016<\/strong> with one single carry-on bag, has gone on to create a full-range of premium quality luggage and travel accessories, with considered details such as build in batteries and chargers and removable laundry bags, at accessible prices.<\/p>\n

This latest round of fundraising takes total funds raised so far to $81m<\/strong> and was\u00a0<\/b>led by existing investors Forerunner Ventures, Global Founders Capital, and Comcast Ventures.\u00a0The brand is already profitable and\u00a0generated more than five times as much revenue in 2017<\/strong> as it did in 2016, having sold more than 500,000 suitcases to date.<\/p>\n

Co-founder, President and Chief Brand Officer Jen Rubio said the brand set out to align with its consumers' values and to understand their needs.\u00a0\u201cAway launched with the underlying belief that we can change the way people travel by inspiring people to do it more,<\/strong> and by making it even easier. In two years<\/span><\/span><\/span><\/span>, we\u2019ve built deep relationships with each and every one of our customers as a direct-to-consumer brand, and we\u2019ve used their feedback to drive what\u2019s next for Away. That\u2019s what we\u2019ll continue to do until we\u2019ve fixed everything currently wrong with the travel experience,\" Rubio said.<\/p>\n

\"Away\"<\/p>\n

Co-founder and CEO Steph Korey said Away had set out to build a brand for the long term \"and to do that we\u2019ve prioritized creating a strong financial foundation<\/strong> and a company that thinks about what we can offer as being so much more than any one product.\u201d<\/p>\n

\u201cWe\u2019ve embraced change as a constant, used data to inform our intuition, and iterated based on insights from our global community and their unique needs<\/strong>. That combination \u2014 and the incredible team we\u2019ve built along the way \u2014 has allowed Away to grow at a pace that\u2019s surpassed our wildest expectations,\" Korey added.<\/p>\n

With this latest round of funding, Away plans to further establish itself worldwide by extending to new markets; continue to expand its product line; expand its physical retail footprint (opening six new stores by the end of 2018 \u2013 including one in London<\/strong> \u2013 in addition to its current New York, Los Angeles, San Francisco, and Austin locations); build on its existing social impact efforts (through its partnership with Peace Direct and through new initiatives); and create 249 new jobs over the next five years, transitioning the team into a 56,000 sq ft new global headquarters in its hometown of New York.<\/p>\n

\u201cAway is a shining example of how the best brands today are developing real relationships with their consumers<\/strong>, offering much more than just great products, but also a feeling of connection and trust that results in what looks more like a friendship than a transaction,\u201d said Eurie Kim, General Partner at Forerunner Ventures.<\/p>\n

\"\"<\/p>\n

If you are looking to raise finance for starting up or scaling up your business, join The Industry's next Masterclass: Inside the Investor's Mind on Monday 9 July<\/strong> from 8am at W London \u2013 Leicester Square. Hear from top 30 accounting firm haysmacintyre on how to prepare for investment and leading retail and consumer goods private equity house True on how to attract and investor. Heist Studios founder Toby Darbyshire will also discuss how he raised more than $8m for his innovative hosiery business.<\/em><\/p>\n

Tickets cost \u00a395+VAT (use CODE VIP20 at checkout for 20% discount!) and can be purchased HERE<\/a>. All our events are free to attend to members of The Industry. A full year's membership costs \u00a3300+VAT, JOIN HERE<\/a>.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

[…]<\/p>\n","protected":false},"author":11,"featured_media":148871,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[10585,6,12973],"tags":[13241,13246,11240,13244,13245,12947,13242,10555,11455,13243],"acf":[],"yoast_head":"\nAway raises $50m in Series C round to fund international expansion - TheIndustry.fashion<\/title>\n<meta name=\"description\" content=\"Direct to consumer luggage brand Away has raised $50m in a Series C fundraise, one of the largest\u00a0rounds raised by women founders this year, to enable its\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.theindustry.fashion\/away-raises-50m-in-series-c-round-to-fund-international-expansion\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Away raises $50m in Series C round to fund international expansion - 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