US-based direct-to-consumer travel retailer Away has closed a $100m in Series D funding round led by Wellington Management Company.
The investment brings Away’s total equity funding to $156m, with Baillie Gifford, Lone Pine Capital and Global Founders Capital participating in the financing.
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Away co-founder and chief brand officer Jen Rubio said: “Every journey begins with a suitcase, including ours. We launched with that one product in 2016 and quickly set our sights on building a brand that stands for the transformative power of travel.
“This new capital will further fuel our plans to fully build a global community of passionate travellers, and equip them with every product they need to travel more seamlessly.”
The capital will be used by Away to expand its product line and open 50 new stores in the next three years. The company also aims to expand its international presence, by ten folds, over the next three years.
Away co-founder and CEO Steph Korey said: “We’ve been focused on building not just a beloved and quickly-growing brand but also on building a strong financial foundation.
“With highly profitable unit economics in place both online and offline, the business is primed for strategic expansion across new products, stores and geographies.”
Away currently has locations in Los Angeles, New York, Austin, San Francisco, Boston, Chicago and London, with its products sold in 39 countries worldwide.
The company recorded $12m in sales in its first 12 months after its launch in February 2016. It also reported $150m in sales, in 2018 and expects to double its sales this year.
