Away raises $50 million to build a better carry-on bag
The luggage maker will also branch out to pitch itself to consumers as a travel lifestyle brand. Last year Away opened a temporary hotel concept, Chez Away, to coincide with Paris Fashion Week.
Direct-to-consumer luggage purveyor Away has been checking off start-up milestones left and right lately: last year, the company opened its first stores, and turned its first annual profit. And now, a USD 50 million funding round. Since 2016, Away has raised $81 million in funding.
“Because the consumer has shifted so much online, the [direct-to-consumer] category has become one that venture capitalists are a lot more open to,” said Eurie Kim, a partner at Forerunner Ventures, one of Away’s three lead investors in its latest round, alongside Global Founders Capital and Comcast Ventures. “
There are a ton of opportunities here.”Away plans to use its new funding to open six additional stores this year, for a total of 10, and to expand overseas.
The company will also branch out from luggage, part of a broader effort to pitch itself to consumers as a travel lifestyle brand. Away publishes a magazine, Here, and last year opened a temporary hotel concept, Chez Away, to coincide with Paris Fashion Week.
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