Luggage manufacturer Away has reached a valuation of $1.4 billion after raising $100 million
2018 Next Billion-Dollar Startups list. At the time, the company was on track to do $150 million in revenue for 2018 and was valued at roughly $700 million.
Korey and Rubio, alumni of Warby Parker, had founded the company in 2015 with stylish luggage that cost less than existing brands. Its first product, a four-roller hard-shell bag that can be squeezed into an overhead rack, came in ten colors and cost $225, including standard shipping in the U.S.; a similar item from Tumi cost $525. Part of their success was due to an online sales strategy that included 1,000 influencers pushing the brand on Instagram.
With the new cash, which brings Away's total equity funding to $156 million, the New York City-based company plans to expand its product lineup, add more retail stores and launch in international markets. Away is the fourth company from last year's Forbes' Next Billion-Dollar Startups list to reach unicorn status. Earlier this year,
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