Away, a NYC-based direct-to-consumer travel brand, closed a $100m Series D funding round.
The round, which brought total equity funding to $156m and valued the company at $1.4 Billion, was led by Wellington Management Company LLP with participation from Baillie Gifford, Lone Pine Capital, and Global Founders Capital.
The company intends to use the funds to continue to:
– expand its product line, offering more options within its existing categories and developing travel products in new categories including apparel, wellness, and lifestyle accessories;
– grow its physical retail footprint, continuing to create retail experiences in the US and abroad, opening 50 new stores over the next three years in addition to its current locations in New York, Los Angeles, San Francisco, Austin, Chicago, Boston, and London; and
– accelerate its international expansion, further establishing itself worldwide beyond the 39 countries where Away products are currently available.
Co-founded by Jen Rubio and Steph Korey in February 2016, Away is a modern lifestyle brand creating products designed to transform travel and selling them through a direct-to-consumer model.
The company reached $12 million in sales in its first 12 months, grew to $150 million in sales in 2018, and is projected to double its sales in 2019.