Three year old travel gear direct retailer Away announced a massive haul in its latest funding round announced today.
Away closed on its $100 million Series D investment round. This investment was led by Wellington Management Company LLP, backed by Baillie Gifford, Lone Pine Capital, and one of the brand’s early investors Global Founders Capital, and brings its total equity funding to $156 million.
Away, which was founded by Steph Korey and Jen Rubio, now has a valuation of $1.4 billion and making it the 22nd US based unicorn so far this year. It ranks seventh in StartupsOne’s exclusive UnicornWatch list.
The heavily promoted Away has become one of e-commerce ‘s fastest growing brands. It 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 this year.
“This new capital will further fuel our plans to fully build a global community of passionate travelers, and equip them with every product they need to travel more seamlessly,” said Rubio, co-founder and Chief Brand Officer, 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,” adds Korey, co-founder and CEO.
Away plans to expand its product line, grow its retail presence beyond its seven current stores, and building its international presence.