Travel app Hopper raises $96M from Capital One to double down on social commerce

Clearly, the recession has not bothered traders on the travel trade. travel reservation startup hopper right this moment announced That it closed $96 million of follow-on funding from Capital One, raising the company’s total to $730 million. As well as supporting Hopper’s new social commerce initiatives, CEO and co-founder Frederic Lalonde said in a press release, Contemporary funds will be earmarked for a range of efforts.

As part of the funding, Hopper says it is expanding its partnership with Capital One (which spearheaded Hopper’s Series F) to create new travel merchandise geared toward Capital One prospects. Hopper’s technology already powers Capital One Travel and Premier Collection, Capital One’s market of lodges and resorts unique to Capital One Venture X cardholders. It’s a safe guess that similar experiences are to come along that vein.

“With Hopper, we have found a partner who can not only match that pace, but help us challenge the status quo and take a different approach to build a world-class travel brand,” said Capital One. Managing Vice President Matt Naise insisted. , “Through this strategic partnership, we are well positioned to adapt to the rapidly changing travel environment and create industry-leading solutions for our customers along their travel journeys.”

Founded in 2007 by Frederic Lalonde and Jost Owerker, Hopper secretly spent six years building what it claimed at the time was “the world’s largest structured database of travel information.” The firm’s web-crawling technology incorporated blogs, photo-sharing websites, and various sources of details about locations and tagged them across a geographic location into a vast location database. But after Hopper’s public debut in 2014, the company’s management determined to sell and commit to engineering sources for flight forecasting, building a software that continuously displays airline costs and more via push notification. Sends price change alerts.

Since then, Hopper has grown into one of the largest travel apps in North America, with more than 80 million downloads in 12 months and gross sales of flights, lodges, homes and rental automobiles exceeding $4.5 billion. Has been. Hopper differentiates itself from rival travel providers (such as Travelocity) with options for airfare value freezes and flight disruptions, the last of which the company says accounts for about 40% of entire app revenue.

Over the past 12 months, Hopper has forayed into the business-to-business market with the launch of Hopper Cloud, a partnership program that supports Kayak, Marriott and Trip. Door. Hopper claims that the cloud has seen rapid growth, now comprising more than 40% of Hopper’s enterprise; Lalonde claims Hopper Cloud is on track to make more in 2022 than Hopper did last year.

On the buyer aspect, this spring, Hopper shifted its focus to in-app promotions, cutbacks, and gross sales opportunities. Social commerce is the company’s next big push, with options such as referrals, share-to-earn, group shopping for and daily rewards, offering customers discounts on travel purchases to launch the app and interesting to share with associates. Is.

Hopper’s final worth was $5 billion, TheLike reported in early February. The firm — which has an estimated 11.2% of the third-party air travel market within the US — plans to eventually go public.

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