Hopper has successfully raised $445 million over eight funding rounds, achieving a valuation of over $1 billion. The platform is a smart travel booking app that uses data and machine learning to predict and analyze airfare and accommodation prices, helping users save money.
Keep reading to explore the intricacies of Hopper's fundraising journey and the investors backing this innovative platform.
What Is Hopper?
Hopper, founded in 2015, is a rapidly growing travel app that uses data and machine learning to predict and analyze airfare and accommodation prices. The company was co-founded by Natalie Laine, Sebastien Rainville, Joost Ouwerkerk, and Frederic Lalonde.
Headquartered in multiple locations including Boston, Chicago, and Toronto, Hopper has become the most downloaded flight booking app in North America. The platform helps users save money by providing accurate price predictions and analysis.
With a team of 501-1000 employees, Hopper continues to innovate in the travel industry, offering services such as booking hotels, flights, car rentals, and more.
How Much Funding Has Hopper Raised?
- Series A
- Amount Raised: $8,000,000
- Date: August 2011
- Motivation Behind the Round: To develop its travel discovery and recommendation engine.
- Series B
- Amount Raised: $12,000,000
- Date: August 2012
- Lead Investors: OMERS Ventures
- Motivation Behind the Round: To grow its team in Boston and continue developing its travel discovery and recommendation engine.
- Series C
- Amount Raised: $61,000,000
- Date: December 2016
- Lead Investors: Caisse de dépôt et placement du Québec
- Motivation Behind the Round: To continue growing its business, international expansion, and increasing its team size.
- Series D
- Amount Raised: $100,000,000
- Date: October 2018
- Lead Investors: Omers, Caisse de dépôt et placement du Québec (CDPQ), Accomplice, Brightspark Ventures, Investissement Québec, BDC Capital IT Venture Fund, Citi Ventures
- Valuation at Round: $780 million
- Motivation Behind the Round: To build out AI algorithms and expand deeper into international markets.
- Series F
- Amount Raised: $170,000,000
- Date: March 2021
- Lead Investors: Capital One
- Motivation Behind the Round: To support the launch and growth of Capital One Travel, a Hopper-powered travel booking portal.
- Series Venture
- Amount Raised: $96,000,000
- Date: November 2022
- Lead Investors: Capital One
- Motivation Behind the Round: To accelerate the company’s growth across several fronts, including fueling its new social commerce initiatives.
Total Amount Raised: $447 million. Current Valuation: $5 billion.
Key Investors
- Capital One
- Details: Capital One is a diversified bank that offers a broad range of financial products and services to consumers, small businesses, and commercial clients. They have a long-term partnership with Hopper, including the launch of Capital One Travel.
- Investment Focus Areas: Financial technology, travel booking solutions, social commerce initiatives.
- Notable Investments: Capital One Travel, Premier Collection, Hopper.
- OMERS Ventures
- Details: OMERS Ventures is a venture capital firm that invests in early to late-stage growth companies. They have been a repeat investor in Hopper, leading multiple funding rounds.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Shopify, PointClickCare, TouchBistro.
- Caisse de dépôt et placement du Québec (CDPQ)
- Details: CDPQ is a long-term institutional investor that manages funds primarily for public and parapublic pension and insurance plans. They have been a significant backer of Hopper.
- Investment Focus Areas: Technology, infrastructure, real estate.
- Notable Investments: Lightspeed, Nuvei, Element AI.
- Accomplice
- Details: Accomplice is a venture capital firm that specializes in early-stage technology investments. They have been involved in multiple funding rounds for Hopper.
- Investment Focus Areas: Early-stage technology startups, software, internet sectors.
- Notable Investments: AngelList, Carbon Black, DraftKings.
- Brightspark Ventures
- Details: Brightspark Ventures is a venture capital firm that invests in early-stage technology companies. They have been a consistent investor in Hopper.
- Investment Focus Areas: Technology startups, software, internet sectors.
- Notable Investments: Jewlr, Classcraft, Hopper.
What's Next for Hopper?
Hopper's future is brimming with opportunities, particularly in social commerce and fintech. With over 80 million downloads and projected sales of $4.5 billion, the company is poised to expand its app and Hopper Cloud business. The partnership with Capital One is set to create new travel products, further solidifying its market position.
Future fundraising could see Hopper attracting more investments to fuel its growth. While an IPO is speculated, the focus remains on reinvesting profits into marketing and development. However, challenges like maintaining growth in a competitive market and managing rapid expansion risks loom large.
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