On most airlines, you only have 50lbs for your luggage and the secret that luggage companies aren’t telling you is that the suitcase itself could weigh up to 20lbs! Without this weight, you can bring that extra pair of shoes you “need” to bring. But even besides the weight of these bags are the bulkiness and expensive price tags that go along with them. Away, the recently-funded startup, is set to out to change this and make at least the luggage portion of travel simple again.
Founders Stephanie Korey and Jennifer Rubio join us to day to discuss the funding, their startup, and the state of innovation in the luggage industry.
Who were your investors and how much did you raise?
Seed – our investors included Forerunner Ventures, Accel, Comcast Ventures, Metamorphic Ventures, Jeff Kearl, Brian Lee, and Andy Dunn.
Tell us about your product or service.
We’re selling beautifully designed, technology-enabled luggage at an unprecedented price by cutting out the middle-man.
What inspired you to start the company?
We love to travel but found that high quality luggage was too expensive and did not facilitate the most seamless travel experience.
What market you are targeting and how big is it?
The global luggage market is $32 billion.
What’s your business model?
We design, manufacture, and sell our luggage exclusively from our website.
What was the funding process like?
We were lucky to find a great group of investors who understood and believed in our vision pretty quickly.
What are the biggest challenges that you faced while raising capital?
That we couldn’t be on the east and west coasts at the same time, we were bouncing back and forth for different meetings.
What factors about your business led your investors to write the check?
The luggage industry is underserving customers and we’re going to fix that with a strong focus on design, customer experience, and streamlining the supply chain.
What are the milestones you plan to achieve in the next six months?
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Really think through your short, medium, and long-term company vision and find investors who have a track record of supporting successful companies in that space.
Where do you see the company going now over the near term?
Right now we’re focused on getting everything ready for launch so that from day 1 we can offer our customers the greatest product and experience.
Where is your favorite place to enjoy the summer weather in the area?
Can’t beat sidewalk dining in New York, we especially love Malatesta and The Clam. When we want to escape the heat, we love Montauk and Nantucket.