The famous travel app Hopper raised $96 million in a follow-on investment with Capital One, bringing the total funding raised by the company to $740 million. The company plans to expand its social commerce initiatives across multiple fronts with the fresh funding.
Known as the third-largest travel app in North America, Hopper has become a powerful tool for travellers. This app enables users to easily book flights, hotels, houses, and rental cars and has unique features such as the ability to "cancel for any reason."
With over 80 million downloads, the platform is expected to generate over $4.5 billion in sales this year in flights, hotels, homes, and rental cars.
"We are thrilled to be extending our partnership with Capital One to further the growth and expansion of Capital One Travel. We look forward to continuing to deliver a game-changing travel booking experience that evolves to meet the next generation of customers' needs," expressed Frederic Lalonde, CEO, and co-founder of Hopper.
Capital One customers can access new travel products through Hopper's extended partnership with the travel company that led its F Series funding in March 2021. In addition to Capital One Travel, Hopper's tech powers Capital One's Premier Collection, a marketplace of hotels and resorts for Capital One Venture X cardholders.
"With Hopper, we have found a partner who can not only match that pace but help us continue to challenge the status quo and take a differentiated approach to building a world-class travel brand. Through this strategic partnership, we're well-positioned to adapt to a rapidly changing travel environment and create industry-leading solutions for our customers along their travel journey," stated Matt Knise, Managing Vice President of the U.S. Card at Capital One.
Hopper has since increased its valuation from $5 billion last February. The 1,500-employee company owns 11.2% of third-party air travel in the US and is considered one of the fastest-growing travel apps in the US.
Hopper was founded by Frederic Lalonde and Joost Ouwerkerk in 2007. The company is headquartered in Montreal, QC, with offices in New York, Boston, and Sofia, Bulgaria. In addition to its world-class travel agency offering, Hopper offers proprietary fintech products, including Price Freeze for flights and Rebooking Guarantee for hotel rooms.