Traditionally, brands sell their products to big retailers, who then sell those products to customers in brick-and-mortar stores. With the advent of online shopping and more digitally-minded consumer behavior, things are not so linear anymore.
There is now a growing wave of startups upending the retail industry, following the successful direct-to-consumer model that has pervaded e-commerce to make online buying simpler. What Warby Parker did for glasses and Casper did mattresses, Away wants to do for the $32 billion global luggage market.
Away launched earlier this year with a mission to sell meticulously designed suitcases to the modern traveler. Today, the company is on track to sell more than 50,000 of its suitcases in 2016, attributing its quick growth to its emphasis on product design, distribution and consumer experience.
"By going directly to the consumer the way Warby Parker did for eyewear and Casper did for mattresses, we're able offer the highest quality products for a fraction of the $500-$1000-plus prices that comparable quality products have," says Away co-founder and CEO Steph Korey, who previously ran supply chain at both Warby Parker and Casper. "Our design process is intensely centered around the traveler’s experience, it's remarkable how rare that is.”
Away designs its state-of-the-art suitcases using a lightweight polycarbonate. The design features four smooth, spinner wheels, a USB charger and a patent pending interior laundry bag with a compression system that maximizes the amount you can pack, while keeping items organized and wrinkle-free. The bags also have a 100-day trial and come with a lifetime warranty.
Yesterday, the company announced it raised a $8.5 million Series A round. The financing was led by Global Founders Capital with participating investments from Forerunner Ventures, Accel Partners, and Comcast Ventures as well as new investor, Starwood Hotels founder Barry Sternlicht. This brings the company's total funding to $11 million.
“Away has taken a very unique approach to travel goods and has set a strong foundation for becoming a truly global brand," said Global Founders Capital co-founder Oliver Samwer. “Our goal is to invest in founders who have an authentic vision and help them scale their business using our global operational expertise," adds Global Founders Capital's Ludwig Ensthaler, who will be joining Away's board of directors.
Away plans on using the new funding to expand their online and brick-and-mortar presence both domestically and globally.
Have a news tip for us or know of a company that deserves coverage? Let us know or tweet us @builtinnewyork.
.jpeg)
