Hopper Revenue, Valuation, Funding & Investors
Hopper is valued at $5B as of November 2022, a 10.0x multiple on its last reported $500M revenue.
Last Hopper valuation
$5B
Undisclosed stage · Nov 2022
Last Hopper funding round
$96M
Undisclosed stage · Nov 2022
Hopper revenue
$500M
Undisclosed stage · Nov 2022
Key investors in Hopper
OMERS Ventures
BDC Capital
Inovia Capital
Investissement Quebec
La Caisse
Westcap
About Hopper
Hopper is a Montréal-headquartered mobile travel application leveraging predictive algorithms for flight and hotel price forecasts. Launched in 2007, the app analyzes historical data to advise optimal booking times and sends price drop notifications. Available on iOS and Android, it partners with airlines and hotels for exclusive deals serving millions of global users.
Founded
2007
HQ
MontrealWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Commission
Revenue
$500M (Nov 2022)
Valuation
$5B (Nov 2022)
Sectors
Hopper Valuation
Hopper is currently valued at $5B, based on its undisclosed-stage round in November 2022.
The $96M round was led by Capital One Ventures.
Hopper's valuation has grown 6.4x from $780M at its Series D in October 2018 to $5B in November 2022, across 5 priced rounds.
Hopper valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| Nov 2022 | Undisclosed stage | $5B | 10.0x |
| Feb 2022 | Secondary | $5B | 10.0x |
| Aug 2021 | Series G | $3.5B | - |
| Mar 2021 | Series F | $1B | 6.7x |
| Oct 2018 | Series D | $780M | - |
Hopper Revenue
Hopper's latest recorded revenue is $500M, as of its undisclosed-stage round in November 2022. At a $5B valuation, that implies a 10.0x revenue multiple.
Revenue grew from $150M in March 2021 to $500M in November 2022, while the revenue multiple moved from 6.7x to 10.0x.
Hopper revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Nov 2022 | $500M | $5B | 10.0x | Undisclosed stage |
| Feb 2022 | $500M | $5B | 10.0x | Secondary |
| Mar 2021 | $150M | $1B | 6.7x | Series F |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Hopper Funding History
Hopper has raised a total of $673M across 6 funding rounds, plus 1 secondary share sale.
Hopper's first fundraising round was a $62M Series C in December 2016. The most recent completed round was a $96M undisclosed-stage round in November 2022.
Hopper funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Nov 2022 | Undisclosed stage | Capital One Ventures (lead) | $96M | $5B | Hopper is a mobile-first travel app founded in 2007 in Montréal, Canada, that uses predictive analytics and big data to recommend optimal times for booking flights, hotels, and accommodations at the lowest predicted prices. It has grown to become one of North America's largest online travel agencies, with over 80 million app downloads, 11.2% share of the U.S. third-party air travel market, and rapid user growth including 494% increase in active users in 2021, surpassing Airbnb in monthly active users by mid-2021. In 2022, Hopper expanded into short-term rentals with Hopper Homes, listing over two million properties through partnerships like Frontdesk, Evolve, and VTrips. In November 2022, Hopper raised $96 million in a follow-on investment (Series H or G per sources) led by Capital One Ventures, bringing total funding to around $710-740 million across multiple rounds. This investment deepens the strategic partnership with Capital One, which previously led Hopper's Series F of $170 million in March 2021; proceeds will support B2B functionality via Hopper Cloud, social commerce, international expansion, and new travel products for Capital One customers like those powering Capital One Travel and Premier Collection. Hopper Cloud, launched in September 2021, enables travel providers such as Kayak, Marriott, and Trip.com to integrate and resell Hopper's fintech and agency products via a white-label portal, now comprising over 40% of Hopper's business and on track to exceed Hopper's total revenue from the prior year in 2022. The round valued Hopper at over $5 billion post-money, consistent with its February 2022 valuation, amid a company of 1,500 employees denying immediate IPO or SPAC plans but intending to go public eventually. Hopper's B2B growth and revenue outperformance relative to the travel sector excited investors, positioning it competitively against incumbents by emphasizing price transparency, flexibility products like Price Freeze, and fintech integrations. |
| Feb 2022 | Secondary | Citigroup; Goldman Sachs; Stack Cap Gr; Brookfield Asset Management; Inovia Capital; OMERS Ventures; Drive Capital | $35M | $5B | Hopper, a Montreal-based travel technology company offering a mobile app for flight price predictions, hotels, and FinTech products, completed a $35 million secondary financing round in February 2022. The investors included Brookfield Asset Management, Citi, Drive Capital, Goldman Sachs, Inovia Capital, OMERS Ventures, and Stack Capital. This transaction valued Hopper at more than $5 billion USD, positioning it as one of North America's largest online travel agencies with nearly 80 million app downloads. The February 2022 deal marked a slight increase in valuation following prior rounds, including a Series F in March 2021 led by Capital One that raised $170 million at around $3.5 billion valuation. Later in November 2022, Hopper secured a $96 million follow-on investment from Capital One, maintaining a valuation over $5 billion USD amid a challenging market for tech valuations. Hopper's growth was driven by strong revenue increases, with sales projected at $4.5 billion in travel and FinTech for 2022, up four to five times year-over-year, and its B2B business expanding rapidly. |
| Aug 2021 | Series G | GPI Capital (lead); Glade Brook Capital Partners; Goldman Sachs Growth Equity; Westcap | $175M | $3.5B | Hopper is a mobile-first travel technology company offering a marketplace for air, hotel, and car bookings enhanced by proprietary fintech tools like price freeze and cancel-for-any-reason options. On August 17, 2021, it raised $175 million in a Series G funding round led by GPI Capital, with participation from Glade Brook Capital Partners, Goldman Sachs Growth Equity, WestCap, and Accomplice, bringing total funding to nearly $600 million at the time. The round valued Hopper at over $3.5 billion post-money, amid a strong travel rebound post-pandemic. At the time of the round, Hopper reported its revenue run rate pacing for 330% growth year-over-year from 2020 lows and already surpassing pre-pandemic Q1 2020 levels by over 100%, reflecting robust recovery driven by domestic leisure travel, app-based bookings, and fintech revenue streams now comprising a majority of bookings. The company had over 60 million app downloads, ranked among top travel apps, and held increased North American air travel market share versus pre-pandemic (per MIDT data). Hopper was diversifying into B2B via Hopper Cloud, partnering with Capital One for white-label booking portals and Amadeus for fintech APIs targeting airlines and agencies. This funding supported Hopper's expansion of fintech offerings to address travel pain points like pricing volatility and disruptions, boosting conversion and profitability. The Series G followed a Series F earlier in 2021, positioning Hopper to capitalize on industry recovery with tools enabling new revenue for partners. Later rounds included a $96 million Series H in November 2022 and a $35 million secondary in February 2022 at $5 billion valuation. |
| Mar 2021 | Series F | Capital One Ventures (lead); Inovia Capital; Goldman Sachs Growth Equity; Citi Ventures; Westcap | $170M | $1B | Hopper is a travel app leveraging AI for flight, hotel, and car rental bookings, with fintech features like Price Freeze and Cancel for Any Reason driving revenue. In 2021, amid post-COVID travel recovery, Hopper's revenue reached US$150 million, up 275% from US$40 million in 2020, fueled by reopening markets, app-based bookings, and expansion into hotels and rentals. This growth continued, hitting US$500 million in 2022 and US$700 million in 2023, alongside gross bookings of US$5.9 billion that year. The March 2021 funding round matched the query's investors including Capital One Ventures (lead), Citi Ventures, Goldman Sachs Growth Equity, Inovia Capital, and Westcap, raising approximately $170 million as Series F. Hopper has raised over $710 million across 13 rounds, with a later February 2022 secondary at $5 billion valuation. Traction metrics show Hopper's app with over 120 million downloads and 35 million active users by 2023, processing billions in gross bookings from US$0.4 billion in 2017 to US$7.5 billion in 2024. Fintech add-ons contributed significantly, with US$790 million in Price Freeze trips in 2023. |
| May 2020 | Series E | Westcap (lead); La Caisse; Inovia Capital; OMERS Ventures; BDC Capital; Investissement Quebec | $70M | - | Hopper is a Montreal-based travel technology company founded in 2007 that offers a mobile app for booking flights, hotels, car rentals, and alternative accommodations, leveraging AI-driven tools like price predictions, price freezes, and refundable rates to create a customer-centric travel marketplace. In mid-April 2020, amid the COVID-19 pandemic devastating the travel industry, Hopper quietly closed a $70 million USD funding round led by Westcap, with participation from Inovia Capital, BDC Capital, OMERS Ventures, Investissement Québec, and La Caisse de dépôt et placement du Québec. The round was conducted at a flat valuation to provide liquidity and support survival through the crisis, which led to Hopper laying off or furloughing about 250 employees, nearly half its staff at the time. The 2020 financing brought Hopper's total funding to approximately $353.7 million prior to subsequent rounds, enabling the company to focus on execution and innovation during a challenging period. Post-2020, Hopper demonstrated resilience with triple-digit year-over-year revenue growth by 2021, surpassing pre-pandemic peaks and projecting annualized revenues of $200 million USD by year-end 2021, attributed to new AI fintech products and categories. The company expanded into B2B with Hopper Cloud, partnering with Capital One to power its travel booking app after a $170 million Series F in March 2021. Hopper grew to 1,200 employees by 2022, with total funding reaching $583 million after Series G and further rounds, positioning it to compete globally against major travel empires. |
| Oct 2018 | Series D | OMERS Ventures (lead); Accomplice; La Caisse; BDC Capital; Brightspark Ventures; Citi Ventures; Investissement Quebec; Lufthansa Innovation Hub | $100M | $780M | Hopper is a Montreal-based mobile travel booking app that uses artificial intelligence and machine learning to predict flight and hotel prices, notify users of optimal booking times, and provide personalized recommendations. Founded in 2007, it enables users to book cheap flights and accommodations directly through the app. By October 2018, Hopper had surpassed 30 million installs, planned 75 million trips, and maintained a top-10 position among US travel apps per App Annie stats. On October 3, 2018, Hopper closed a $100 million USD Series D funding round led by OMERS Ventures, with participation from existing investors Caisse de dépôt et placement du Québec (CDPQ, also known as La Caisse), Accomplice, Brightspark Ventures, Investissement Québec, BDC Capital IT Venture Fund, and new investor Citi Ventures (matching Lufthansa Innovation Hub not mentioned). This brought total funding to $235 million USD ($184 million prior). The post-money valuation reached approximately $780 million USD (nearly 1 billion CAD), up from $300 million USD in its late 2016 Series C round of $61.3 million led by CDPQ. Proceeds will fuel global market expansion, AI algorithm development, and headcount doubling. Hopper projected nearly $1 billion in sales for 2018 amid a booming mobile travel sector ($264 billion market, growing 20% YoY), with 92% of mobile time in apps. The company reinvests all returns for growth and is not yet profitable. Recent additions like 47 European low-cost carriers boosted regional sales 154%. Previous rounds included a $12 million Series B led by OMERS Ventures in 2012, $12 million from BDC Capital in April 2016, and the 2016 Series C. Hopper positions itself to capture the shift to mobile app-based travel booking in a $1.3 trillion industry. |
| Dec 2016 | Series C | La Caisse (lead); Accomplice; OMERS Ventures; BDC Capital; Brightspark Ventures; Dream Maker Ventures (DMV); Investissement Quebec | $62M | - | Hopper, a mobile app that analyzes and predicts airfare prices with 95% accuracy up to a year in advance, closed an $82M CAD Series C funding round on December 15, 2016, led by La Caisse with participation from Accomplice, BDC Capital, Brightspark Ventures, Dream Maker Ventures, Investissement Quebec, and OMERS Ventures. The app recommends whether to book flights now or wait based on yield trends, pricing volatility, and a database of five to eight billion daily price quotes, equating to 300 billion monthly and a 5.2 trillion price historical archive. At the time, Hopper had scaled to over 10M downloads from 1M the prior year, with users tracking 18 million trips, and was selling $1M in flights per day while sending 20M push notifications monthly, 90% of which drove sales. The funding supported Hopper's international expansion into over 20 countries in Latin America, Europe, and Asia starting Q1 2017, localization updates for 126 markets, and hiring from 40 to over 120 employees in Montreal and Cambridge by end-2017. Hopper had earned awards including Apple's App Store Best of 2015, Google Play Standout Startup of 2016, and Webby for Best Travel App. |
Who has invested in Hopper?
20 investors have backed Hopper across its funding rounds, including OMERS Ventures, BDC Capital, Inovia Capital, Investissement Quebec, La Caisse and Westcap.
Lead investors include Capital One Ventures, GPI Capital, Westcap, OMERS Ventures and La Caisse.
Hopper Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| Toronto | 4 | Lead | Dec 2016 | |
| Montreal | 3 | Lead | Dec 2016 | |
| Montreal | 3 | Participant | May 2020 | |
| Montreal | 3 | Participant | Dec 2016 | |
| Canada | 3 | Lead | May 2020 | |
| Quebec City | 3 | Participant | Dec 2016 | |
 Boston, MA | 2 | Participant | Dec 2016 | |
| San Francisco, CA | 2 | Lead | Mar 2021 | |
| Montreal | 2 | Participant | Dec 2016 | |
| New York City, NY | 2 | Participant | Mar 2021 | |
| San Francisco, CA | 2 | Participant | Oct 2018 | |
| Greenwich, CT | 1 | Participant | Aug 2021 | |
| San Antonio, TX | 1 | Participant | Feb 2022 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Hopper
Hopper has acquired 5 companies to date.
Last acquisition by Hopper was on February 24th 2022. Hopper acquired smooss for undisclosed valuation.
Latest Acquisitions by Hopper
| Description | smooss is a technology platform provider for the travel and transportation sectors based in Luxembourg. It delivers merchandising tools, dynamic pricing engines, and customer care systems integrated with reservation platforms. Clients including airlines and rail operators use smooss for ancillary revenue optimization and personalized passenger communications. | PlacePass is a Boston-headquartered online marketplace for booking travel experiences worldwide. Travelers access tickets to museums, tours, attractions, and activities in cities like New York, London, and Paris through a search-and-compare interface. Launched in 2015, the platform partners with local operators to offer skip-the-line entry, guided excursions, and unique events such as private cheese tastings and bungee jumps. | Journy is a personalized travel planning service connecting travelers with dedicated designers for custom itineraries. It includes accommodations, activities, and reservations at flat rates of $25 or $50 per day, blending human expertise with technology for trips worldwide. | GDX Travel is a consolidator specializing in low-cost carriers and regional airlines across Latin America. The company aggregates inventory from airlines such as Azul, Viva Aerobus, and Volaris for distribution to travel agencies and online platforms. Headquartered in Latin America, GDX Travel enriches affiliate content with real-time fares, ancillary services, and interline connections. Services extend to Mexico, Brazil, Colombia, and Peru, facilitating bookings for leisure and business travelers. | |
| HQ Country |  | | |  | |
| HQ City | Paris | Boston, MA | New York City, NY | Bogotá | |
| Deal Date | 24 Feb 2022 | 19 Oct 2021 | 1 May 2021 | 14 Nov 2019 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Hopper Competitors
Hopper competitors include listed companies like Amex GBT, MakeMyTrip, Travel+Leisure and Tongcheng Travel, and private ones like OYO and Koubei.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $2.7B | $426M | $4.9B | 1.9x | |
 India | Publicly listed | $1B | $171M | $4.5B | 4.5x | |
| United States | Publicly listed | $4B | $684M | $3.9B | 2.3x | |
| Gurgaon | Private | $669M | $112M | $3.8B | 5.7x | |
 China | Publicly listed | $2.9B | $659M | $3.2B | 0.7x | |
| Hangzhou | Private | - | - | $8B | - |
Hopper Public Comps
Hopper is still privately-owned, but its public comps include Amex GBT, MakeMyTrip, Travel+Leisure, Tongcheng Travel, HBX Group, TBO.com, Tripadvisor, Web Travel Group, Trip.com and Amadeus.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $2.7B | $426M | 2.2x | 1.9x | 14.3x | 9.9x | |||
| $1B | $171M | 5.0x | 4.5x | 30.3x | 25.7x | |||
| $4B | $684M | 2.3x | 2.3x | 13.6x | 8.9x | |||
| $2.9B | $659M | 0.7x | 0.7x | 3.0x | 2.6x | |||
| $896M | $218M | 3.0x | 3.3x | 12.4x | 5.7x | |||
| $262M | $41M | 6.7x | 5.2x | 43.2x | 34.3x | |||
| $1.9B | $160M | 0.6x | 0.6x | 6.8x | 4.2x | |||
| $280M | $86M | 2.7x | 2.6x | 8.8x | 7.0x | |||
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Common questions about Hopper
| When was Hopper founded? | Hopper was founded in 2007. |
| Where is Hopper headquartered? | Hopper is headquartered in Montreal, Canada. |
| Is Hopper publicly listed? | No, Hopper is a private, VC-backed company. |
| What is Hopper's valuation? | Hopper was last valued at $5B in its undisclosed-stage round in November 2022. |
| How much funding has Hopper raised? | Hopper has raised $673M across 6 funding rounds. |
| What was Hopper's last funding round? | Hopper's last funding round was a $96M undisclosed-stage round in November 2022, led by Capital One Ventures. |
| Who are Hopper's investors? | Hopper's investors include OMERS Ventures, La Caisse, Inovia Capital, BDC Capital, Westcap, Investissement Quebec, Accomplice, Capital One Ventures, Brightspark Ventures, Goldman Sachs Growth Equity and 10 others. |
| What is Hopper's revenue? | Hopper's latest recorded revenue is $500M (November 2022). |
| What is Hopper's revenue multiple? | Hopper's latest valuation implies a 10.0x revenue multiple ($5B valuation on $500M of revenue). |
| Which companies are comparable to Hopper? | Companies comparable to Hopper include Amex GBT, MakeMyTrip, Travel+Leisure, OYO, Tongcheng Travel and Koubei. |
| How many companies has Hopper acquired? | Hopper has acquired 5 companies, including smooss, PlacePass, Journy, GDX Travel and Gravy. |
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