$100 million can buy a lot of airfare — but Away has bigger plans for its Series D.
This week, the e-commerce company, best known for its sleek carry-ons with built-in smart device chargers, announced the close of a $100 million funding round at a $1.4 billion valuation. Prior to this week’s round, Away was valued at $400 million, according to PitchBook.
“With highly profitable unit economics in place both online and offline, the business is primed for strategic expansion.”
The newly minted unicorn will use the funding to expand its product line from bags and suitcases to clothes and wellness products designed with travel in mind.
Away also plans to grow its international sales tenfold over the next three years, in part by making its products available to more globetrotters across the world. (Currently, Away is available in 39 countries.)
Finally, Away plans to open 50 new brick-and-mortar locations over the next three years. The startup currently has stores in select U.S. cities, including NYC, Los Angeles and San Francisco, as well as in London.
The hybrid of e-commerce and brick-and-mortar retail is a natural fit for co-founders Jen Rubio and Steph Korey, who, prior to founding Away, worked together leading separate departments at Warby Parker.
They team launched Away with a single product — the aforementioned carry-on suitcase — in 2016, and have since expanded to checked luggage, bags, backpacks and packing accessories.
According to a press release issued by the company, Away reached $150 million in sales in 2018, and is on track to double that number in 2019. Co-founder Korey explained that the company has put a big emphasis on profitability from the get-go.
“We’ve been focused on building not just a beloved and quickly-growing brand, but also on building a strong financial foundation,” Korey said in a statement. “With highly profitable unit economics in place both online and offline, the business is primed for strategic expansion across new products, stores and geographies.”
You may want to keep an eye on where this company goes next.