Jun 23, 2020 - Economy

Scoop: Luggage startup Away raises new funding

Illustration of a suitcase with price stickers on the side.

Illustration: Aïda Amer/Axios

Away, a luggage startup known for its "smart" suitcases, has raised between $30 million and $40 million in new funding, Axios has learned.

Why it matters: This could help bridge Away to the other side of the pandemic, which cut into the company's product sales by more than 90%.

Details: The round was structured as a convertible note, at a lower "cap" than the $1.45 billion valuation that Away received when it last raised funding in early 2019.

  • Investors were existing shareholders, including Baillie Gifford and Wellington Management.
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