Hopper (company)

{{Infobox company

| name = Hopper

| logo = Hopper Inc. Logo.png

| type = Private

| industry = Travel

| founded = {{Start date and age|2007}}

| founders = {{ubl|Frederic Lalonde|Joost Ouwerkerk|Dakota Smith}}

| hq_location_city = Montreal

| hq_location_country = Canada

| area_served = Worldwide

| key_people = Frederic Lalonde (CEO)

| products = {{ubl|Hopper App|HTS (Hopper Technology Solutions)}}

| revenue = {{nowrap|{{Increase}} US$700 million}}

| revenue_year = 2023

| num_employees = 1,200

| num_employees_year = 2023

| parent =

| website = {{URL|https://hopper.com/}}

}}

Hopper, Inc. is a travel booking app and online travel marketplace for flights, hotels, rental cars, and short-term house rentals.{{Cite web|url=https://www.nytimes.com/2022/10/17/travel/when-to-book-holiday-travel.html|title=The Best Time to Book Holiday Travel? 'Basically Now.'|first=Glusac|last=Elaine|date=17 October 2022|website=The New York Times}} The company has its main offices in Montreal, Canada and Boston, Massachusetts.{{Cite web|url=https://www.bizjournals.com/boston/blog/startups/2014/10/hopper-aiming-for-more-transparent-travel-search.html|title=Hopper aiming for more transparent travel search|date=5 October 2014|first=Brian |last=Hoefling|website=Boston Business Journal}}

History

Hopper was founded in April 2007 by Frederic Lalonde and Joost Ouwerkerk, both of whom were executives at Expedia Group.{{Cite web|url=https://www.bloomberg.com/news/articles/2021-11-30/travel-startup-hopper-said-to-seek-200-million-in-pre-ipo-debt|title=Travel Startup Hopper Seeks $200 Million in Pre-IPO Debt|first=Gillian |last=Tan|date=30 November 2021|website=Bloomberg}}{{Cite web|url= https://techcrunch.com/2014/01/20/why-travel-startup-hopper-founded-in-2007-took-so-long-to-launch/|title= Why Travel Startup Hopper, Founded in 2007, Took So Long To "Launch"|first= Sarah|last=Perez|date=20 January 2014|website=TechCrunch}} It started as a planning tool for travel destinations and activities.

In 2012, Dakota Smith joined and the company received $12 million in Series B funding from investment funds such as OMERS and Atlas Venture.{{Cite web|url= https://techcrunch.com/2012/08/15/founded-by-former-expedia-engineers-stealthy-travel-startup-hopper-closes-12-million-series-b/?_ga=2.39978406.524591775.1668707411-45865928.1668707411|title= Founded By Former Expedia Engineers, Stealthy Travel Startup Hopper Closes $12 Million Series B|first=Sarah|last=Perez|date=15 August 2012|website=TechCrunch}}

In January 2014, Hopper was launched. During the development phase, Hopper developed technology that crawled two billion web pages for travel-related information and added it to a database. In April 2014, a New York Times article described how Hopper's online research reports could help travelers cut their travel costs.{{Cite web|url=https://www.nytimes.com/2014/05/04/travel/crunching-the-numbers-to-find-the-best-airfare.html|title=Crunching the Numbers to find the Best Airfare|first=Seth|last=Kugel|website=The New York Times}} Hopper shifted its business model in May 2014 to focus on using big data to optimize the ways travelers could choose where to fly and when to buy tickets.

In January 2015, an app was launched with functions such as flight price prediction and real-time price monitoring.{{Cite web|url= https://techcrunch.com/2015/01/28/hoppers-new-travel-app-tells-you-the-best-time-to-fly/|title= Hopper's New Travel App Tells You The Best Time To Fly|date=28 January 2015|first=Sarah|last=Perez|website=TechCrunch}}

In March 2016, $62 million was received in funding to improve its airfare prediction algorithm.{{Cite web|url=https://mashable.com/article/hopper-travel-app-series-c|title=Hopper raises $62 million in its bid to take over travel |first=Emma |last=Hinchliffe |date=15 December 2016 |website=Mashable}} A year later, the company expanded its platform by adding a hotel booking service.{{Cite web|url= https://venturebeat.com/business/hopper-takes-its-airfare-prediction-smarts-to-hotels/|title= Hopper expands its airfare-prediction smarts to hotels|date=25 October 2017|first=Paul|last=Sawers|website=VentureBeat}}

In October 2018, the company received an investment of $100 million to expand its services internationally.{{Cite web|url=https://techcrunch.com/2018/10/03/hopper-raises-100m-more-for-its-ai-based-travel-app-now-valued-at-780m/|title=Hopper raises $100M more for its AI-based travel app, now valued at $780M|date=3 October 2018|first=Ingrid |last=Lunden|website=TechCrunch}}

In late 2019, the company added fintech-based functions designed to help users optimize their travel costs.{{Cite web|url= https://venturebeat.com/ai/ai-powered-travel-tech-platform-hopper-raises-175m/|title= AI-powered travel tech platform Hopper raises $175M|first=Paul|last=Sawers|date=17 August 2021|website=VentureBeat}} In the same year, Hopper launched a sustainability initiative called Hopper Trees. Hopper funds tree planting for every travel booking made through the company, aiming to offset carbon dioxide (CO₂) emissions. To facilitate this, Hopper has partnered with nonprofit organizations, including Eden Reforestation Projects, which began in 2019, and Veritree, in 2023.{{Cite web|url= https://www.quotidiano.net/itinerari/app-viaggi-1.4997360 |title= App di viaggi pianta un albero quando acquisti un volo |date=24 January 2020 |website=Quotidiano.net}}{{Cite web|url=https://finance.yahoo.com/news/veritree-launches-restorative-coalition-bold-130000283.html |title=Veritree Launches Restorative Coalition: A Bold Initiative to Unite and Empower Businesses Committed to Nature Restoration |date=19 September 2023|website=Yahoo Finance}}

In March 2021, the company became a unicorn after receiving an investment of $170 million from Capital One.{{Cite web|url= https://www.bloomberg.com/news/articles/2021-03-24/capital-one-wager-lifts-travel-startup-hopper-to-unicorn-status |title= Hopper Travel App Reaches Unicorn Status After Capitol One|date=24 March 2021|website=Bloomberg}}{{Cite web|url= https://fortune.com/2021/09/14/travel-unicorn-hopper-layoffs-revenue-covid/ |title= How travel unicorn Hopper went from mass layoffs to doubling revenue |first=Jessica|last=Mathews|date=14 September 2021|website=Fortune}} In August 2021, it raised an additional $175 million in a series G funding round led by GPI Capital.

In January 2022, Hopper Homes was launched to provide short-term house rentals.{{Cite web|url=https://www.bloomberg.com/news/articles/2022-01-27/travel-booking-app-hopper-first-came-for-expedia-airbnb-home-rentals-are-next?leadSource=uverify%20wall|title=Goldman-Backed Hopper Muscles Into Airbnb's Rental Territory|first=Nikki |last=Ekstein|date=27 January 2022|website=Bloomberg}}{{Cite web|url= https://www.engadget.com/hopper-wants-to-challenge-airbnb-with-short-term-vacation-rentals-191525896.html|title=Hopper wants to challenge Airbnb with short-term vacation rentals|first=Sam|last=Rutherford|date=28 January 2022|website=Engadget}} A month later, in February 2022, the company was valued at $5 billion after a $35 million secondary share sale.{{Cite web|url= https://techcrunch.com/2022/02/03/hopper/|title= Travel booking app Hopper upgrades its valuation to $5B on secondary sale|first= Ingrid |last=Lunden |date=3 February 2022 |website=TechCrunch}} It received $96 million in additional investment from Capital One in November 2022.{{Cite web|url= https://techcrunch.com/2022/11/07/travel-app-hopper-raises-96m-from-capital-one-to-double-down-on-social-commerce/|title= Travel app Hopper raises $96M from Capital One to double down on social commerce|first=Kyle|last=Wiggers|date=7 November 2022|website=TechCrunch}}

=Acquisition history=

In late 2019, Hopper acquired a Colombian travel company, GDX Travel.

In October 2021, the company bought PlacePass, a Boston-based online booking service.{{Cite web|url=https://www.bostonglobe.com/2021/10/19/business/hopper-acquires-experience-booking-service-based-boston/|title=Hopper acquires experience-booking service based in Boston|date=19 October 2021|website=Boston Globe}} In the same year, Hopper took control of a trip-planning service, Journy.{{Cite web|url=https://www.travelweekly.com/Power-List-2022/Hopper|title=Hopper|website=Travel Weekly}}

In February 2022, a Paris-based merchandising services provider, Smooss, was acquired.{{Cite web|url=https://www.thestar.com/business/mars/2022/02/24/tech-update-embracing-a-4-day-work-week-crop-planning-on-the-farm-goes-digital-and-other-news.html|title=Tech update: Embracing a 4-day work week, crop planning on the farm goes digital and other news|date=24 February 2022|first=Andrew |last=Yates|website=Toronto Star}}

Technology and applications

Hopper uses machine learning algorithms to dynamically change the price of its fintech offers, which are designed to provide flexibility for users.{{Cite web|url=https://skift.com/2021/07/21/hopper-sells-travel-but-its-fintech-hedging-drives-the-growth/|title= Hopper Sells Travel But Its Fintech Hedging Drives the Growth|first=Dennis |last=Schaal|date=21 July 2021|website=Skift}} Its price-forecasting algorithm, which uses historical data to predict flight's price, was designed in 2010 in Cambridge, Massachusetts.{{Cite web|url= https://venturebeat.com/mobile/hoppers-airfare-prediction-app-just-got-a-whole-lot-more-useful/|title= Hopper's airfare-prediction app just got a whole lot more useful|first=Paul|last=Sawers|date=21 July 2016|website=VentureBeat}}{{Cite web|url=https://www.theverge.com/2017/10/25/16526478/hopper-hotels-plane-tickets-booking-predictor|title=Hopper can now predict cheaper hotel booking times in addition to flights|date=25 October 2017|first=Shannon |last=Liao|website=The Verge}}

Hopper applies its technology to give users additional fintech functions based on historical data, including "price freezing to protect against pricing volatility",{{Cite web|url=https://www.travelweekly.com/Travel-News/Airline-News/Hopper-adds-new-fintech-options|title=Hopper adds new price freeze, cancellation, and air protection options|first=Robert|last=Silk|date=7 June 2022|website=Travel Weekly}} "cancelling or changing flight bookings at short notice",{{Cite web|url= https://skift.com/2021/08/17/online-travel-hoppers-metamorphosis-from-flight-selling-to-fintech/|title= Online Travel Hopper's Metamorphosis From Flight Selling to Fintech|first=Sean|last=O’Neill |date=17 August 2021|website=Skift}}{{Cite web|url=https://techcrunch.com/2022/06/07/hopper-launches-offerings-more-flexibility-before-during-trips/|title=Travel app Hopper launches new offerings to give users more flexibility before and during trips|first=Aisha |last=Malik|date=7 June 2022|website=TechCrunch}} or if a flight is delayed for any reason, changing it without overcharging.{{Cite web|url= https://www.travelweekly.com/Travel-News/Travel-Technology/Hopper-building-super-app |title= Hopper is building its 'super app' origin story now |first=Robert|last=Silk|date=19 June 2022|website=Travel Weekly}}

HTS (Hopper Technology Solutions)

In 2021, the company launched a business-to-business initiative HTS, where enterprises can use its white-label travel portals or distribute Hopper's travel and fintech products.

Hopper's customers include Capital One, where Hopper develops its travel booking portal, Capital One Travel.