I am a Lifestyle reporter at Forbes, focusing on beauty & style. Founded in 2015, Hippo has raised $36 million so far, according to Crunchbase. The company is a vertically-integrated company offering beautiful, high-quality luggage at an affordable price point. “The number one pathway for more women to get early-stage funding is for other female entrepreneurs like Jen and I to tell our stories,” says Korey. It consists of the recently combined Comcast Interactive Capital and NBCUniversal Peacock Equity Fund. Staying close to the customer saved Away from a fiasco earlier this year, when the Federal Aviation Administration banned lithium batteries from checked-in bags. Comcast Ventures chief Amy Banse announced her departure in September. “Customers do a lot for us because they feel intimate with the brand.”. “Hopefully, some Silicon Valley investors read these stories so when the next seed pitch comes in, be it from a woman or someone from a different background, they think twice before passing on the opportunity.”, I am a Lifestyle Reporter for Forbes, covering the business of beauty and style, as well as the arts, luxury real estate and more. Comcast Ventures, the corporate venture capital firm, is folding into Comcast's business development division and shifting its strategy to focus only on strategic investments. “Instagram has been great for us because people love to post when they travel and our suitcase gets to be part of that. Suggest edits Founded. All Rights Reserved, This is a BETA experience. Comcast is narrowing the focus of Comcast Ventures to only strategic investments in a move that's likely to lead to partner defections. After selling more than 500,000 suitcases to date, Forbes estimates Away has pulled in more than $125 million in revenue. While they declined to give exact revenue figures, Korey says sales in 2017 quintupled from the year prior. She says the startup quickly recouped losses because it spurred a sense of loyalty among customers and even led to new purchases, especially among those who visited the retail shops for replacements. Find out where to park near Comcast Ventures and book a space. DETAILS. We will continue to support our existing portfolio companies through investment and strategic partnership.". It has become increasingly difficult to compete for targets as more funds, such as SoftBank's Vision Fund, General Atlantic and Insight Partners, raise tens of billions of dollars for start-ups. 520 Mason St. 490 Post St. Garage - Valet. Away designs special objects for modern travel. 1999 Follow us. Comcast Ventures and Fifth Wall led a $25 million “B” round in Hippo, a California-based home insurance technology and service startup. “It’s really cool to be part of this class of women-founded businesses that are paving the way and proving that anyone should be able to raise money. Comcast Ventures is training startups like Away and Hippo to become TV advertisers and says it could be a competitive advantage in a world awash with VC cash “Having led Comcast Ventures' seed and Series A, B, and C investments in Away, I have had a front row seat to the company's incredible growth. Users had the option to update their luggage by visiting an Away store, mailing the luggage to the headquarters, or ordering a DIY kit with video instructions at no cost. Also headquartered in San Francisco. Refocusing Comcast Ventures on companies that support broadband distribution and streaming video could help Comcast stay ahead of trends while being more disciplined on investments the company understands best. He will decide if Comcast is better served acquiring companies or making seed, venture or later-stage investments. Our business development teams across the company continue to invest in new technology and businesses, which we believe will yield more strategic opportunities and benefits for Comcast and the companies in which we invest. Fortunately, the company was already in the process of designing one, the result of listening to customers who wanted to keep the battery on-hand after stowing the carry-on in the overhead compartment. I'm a former television reporter for NY1 News, where I covered all things Queens, NY and got my start in business news as a greenroom greeter and PA at Fox Business. Comcast Ventures invested early in buzzy companies like Away and The Athletic. The Company invest in media, communications, enterprise, infrastructure, healthcare, internet, and information technology sectors. Book Now. Not everyone has to look the same as the founders of the past,” says Steph Korey, cofounder and CEO. Many of Comcast Ventures' best performing investments through the years have been strategic in nature, including CTI Towers, which Melody Investment Advisors acquired earlier this month, said the people. Comcast is our LP. Comcast Ventures is the private venture capital affiliate of Comcast Corporation. Away, a seller of lightweight smart-luggage, has raised $50 million in additional funding from existing investors Forerunner Ventures, Global Founders Capital and Comcast Ventures. Have you ever wondered how much these essential workers make? Yes, We Have No Choice, Gender Bias: Trademark Act Never Contemplated A Woman Or Gay Male President, Cannabis Challenges Differ In Each State Where It’s Newly-Legal, 5 Unexpected Places To Find Your Next Great Business Idea. “What allows us to invest in high-quality products is the fact that we don’t sell to other retailers.” Without retailers chomping at their profit margins, Away is able to keep their luxury line at “coach prices.”. “Being direct-to-consumer is a huge competitive advantage,” says Korey. It started with luggage, designed with thoughtful features that solve real travel problems—for life. Comcast Ventures 3947. She and Jen Rubio, both Forbes Under 30 alumnae, launched Away in early 2016 and have announced it reached profitability within its first two years, a feat for a startup that manufactures a high-tech luggage with 100 different parts. Also headquartered in San Francisco. Korey says she hopes Away’s ability to balance both growth and profitability is a wake up call to investors who overlook female founders. You may opt-out by. Comcast is beginning the process of speaking with Comcast Ventures partners to determine who will stay with the fund as its strategic focus narrows to investments that support Comcast initiatives. I'm a former television reporter for, I am a Lifestyle Reporter for Forbes, covering the business of beauty and style, as well as the arts, luxury real estate and more. “As you can imagine we were following those regulation updates so closely,” says Korey. Comcast is folding Comcast Ventures into its corporate business development unit led by Sam Schwartz. How you can save $1 million for retirement, How much the most populous states pay mail carriers, Creepy ways your company can spy on you while you work from home, Major companies suspend social media advertising over online hate speech, This bookshop survived earthquakes and recessions. ‘Booking.com’ Is A Trademark – Does This Matter To Your Business? The firm’s partners also include Gil Beyda, Andrew Cleland, Sam Landman, Dinesh Moorjani, Rick Prostko, Dave Zilberman, Daniel Gulati, and Kim Armor. But not this, Jim Cramer on Chesapeake Energy filing for bankruptcy. It’s totally free advertising for us,” she says. “Every time someone buys something from us, they interact with someone at our company in some way.” But a direct-to-consumer model does not always guarantee a direct flight to profitability, largely because of the high cost of marketing and customer acquisitions. The capital will help Away take off into new global markets, widen its product line and open six retail stores in 2018. “The whole game changes when you become profitable,” says Daniel Gulati, partner at Comcast Ventures, which contributed to Away’s recent $50 million Series C funding round. Comcast to fold Comcast Ventures into corporate business division, focus on strategic investment, How you can save a million bucks for retirement. Here are its 3 top media themes for 2020. “Our luggage is quite complex,” says Korey. Partners were informed of the change this week, according to people familiar with the matter, who asked not to be named because the discussions were private. 2015, Hippo has raised $ 36 million so far, according to Crunchbase influencers heading 2020! Ever wondered How much these essential workers make their brand through word-of-mouth and organic Instagram posts as Interactive... 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