Welcome back to another Transcribed edition of Equity, the popular and popular TechCrunch podcast that delves into the news of the week on… equity.
There was no IPO this week, so there was only one episode, but it was packed with news about direct-to-consumer scooters, baggage funds, and fake meat. This is where technology has led us this week.
Oh, and Slack sets the date for your direct listing.
Kate: So [Away] raised $ 100 million, series D. This round was led by Wellington Management, so not a traditional venture capital firm. Although Away is backed by big names like Forerunner Ventures, which is responsible for investments directly for consumer companies. So this Away valued at 1.4 billion, and it’s obviously quite big, but what’s particularly surprising about that valuation is that Away was valued at just 400 million the last time they raised money, which was a series C of 50 million, such time about 1 or 2 years ago.
Alex: Oh my God.
Kate: I’m not sure exactly when that was. But we are seeing a significant, significant increase in their valuation. And the reason why is because in its C series, Away was already profitable. Like I told Alex, this time they didn’t say anything about profitability, so I don’t know where it is, but I do know that they have $ 150 million in revenue.
Alex: Annual income.
Kate: Yes. They are growing on the line above 100%. They have an NPS score in the 80s, and they have a ton of new investors in this round that I think shows they are doing well. And also, they want to use this capital to create a generic travel brand. So they want to be more than just these cute, Instagram-friendly suitcases, suitcases, travel bags, whatever they want to be. Provide anything and everything you may need when going on a trip of any kind.
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Kate Clark: Hello, and welcome back to Equity. I’m the Kate Clark from TechCrunch. This week, I’m in the studio with Alex Wilhelm from Crunchbase News. Hi Alex, how are you today?
Alex Wilhelm: I’m fine, but as we said before we got to the record, this is somehow a bittersweet moment for us in this room, because it’s the last time the three of us, you, myself and our excellent producer Christopher Gates, will be together in TC’s podcast studio at 410 Townsend.
Kate: In fact, it is a bittersweet moment for all of us.