The latest round brings its total funding to $81 million, led by existing investors Forerunner Ventures, Global Founders Capital and Comcast Ventures.
Starting in February 2016 with an initial investment of $2 Away has become a leader in the $40+ billion global luggage industry and one of the fastest-growing direct-to-consumer brands, announcing profitability in less than two years and generating more than five times as much revenue in 2017 as in 2016, having sold more than 500,000 suitcases to date.
Away was successfully launched with a single product, The Carry-On, but from the outset, co-founders Jen Rubio and Steph Korey aimed to create the world’s number one travel brand by focusing on customer relationships and building strong and sustainable financial performance.
“Today’s consumers are looking for more than just a great product, looking for a brand that matches their values and takes the time to truly understand their needs as people, not just customers,” said Jen Rubio, co-founder, President, and Chief Brand Officer. “Away started with the underlying belief that we can change the way people travel by inspiring people to do more and making it even easier. In two years, we’ve built a deep relationship with each and every one of our customers as a direct-to-consumer brand, and we’ve used their feedback to drive what’s next for Away. That’s what we’re going to continue to do until we’ve fixed everything that’s currently wrong with our travel experience “That’s right.
“We are building a brand for the long term and, to do so, we have prioritized the creation of a strong financial foundation and a company that thinks about what we can offer as more than any product,” said Steph Korey, co-founder and CEO. “We have embraced change as constant, used data to inform our intuition, and iterated on the basis of insights from our global community and their unique needs. That combination—and the incredible team we’ve built along the way—allowed Away to grow at a pace that surpassed our wildest expectations. “That’s right.
With this latest round of funding, Away plans to further expand to new markets around the world; to continue expanding its product line to create a perfect one-off version of everything you need to travel seamlessly; to expand its physical retail footprint (opening six new stores by the end of 2018 in addition to its current locations in New York, Los Angeles, San Francisco and Austin);
“Away is a shining example of how today’s best brands are developing real relationships with their consumers, offering a lot more than just great products, but also a sense of connection and trust that results in what looks more like friendship than transaction,” said Eurie Kim, General Partner at Forerunner Ventures. “The Away team has shown a rare ability to drive impressive execution while still connecting deeply with their communities, as demonstrated by their profitable brick-and-mortar locations at a time when traditional retailers are struggling, their revenue-generating media arm shifting long-standing notions of what great travel content can look like, and their ability to be nimble and turn potentiate. “That’s right.
“Steph, Jen, and the Away team have recognized the massive opportunity that exists in travel space since it was launched in 2016,” said Ludwig Ensthaler, Global Founders Capital Partner. “I continue to invest in Away because I believe in their long-term vision. In just two years, they’ve transformed the way we think about travel. “That’s right.
“The capital efficiency of Away is a step up from other brands Since my first investment, I have seen their average order values increase and significant growth in new and repeat customers, all while acquisition costs have decreased,” said Daniel Gulati, Partner at Comcast Ventures. “Against this background, Jen and Steph have combined impeccable brand execution with an unparalleled customer-first approach, a rare and truly exciting dynamic. Away is going to be one to watch for years to come “That’s right.
Cassi Gritzmacher’s
Managing Director of Corporate Communications
Going Away
Press@awaytrip Come on,
About the Way
Away is a modern lifestyle brand that creates thoughtful products designed to make travel more seamless. Founded in 2016 by Steph Korey and Jen Rubio, Away designs and sells premium travel goods at unprecedented prices through a direct-to-consumer model. To learn more about this, visit Travel Come on,
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