Montreal and Boston-based travel app Hopper has raised 98.5 million (US $70 million) from San Francisco-based Westcap. Also joining the round is Montreal’s inovia capital, the BDC, Investissement Quebec, the Caisse de dépôt et placement du Québec and the government of Ontario’s OMERS Ventures.
According to The Logic, the round closed in mid-April, and is meant to survive the effects of COVID-19. The new cash will be used to help Hopper stay afloat as the travel and experience industry has been nearly decimated by COVID-19, as well as to leapfrog competitors.
CEO Fred Lalonde and his company sure know how to raise money from investors. Prior to the new funding, Hopper had raised a total of US $183.4 million over 5 rounds. Now that rises to US $253.4 million, or about CA$357 million all-time.
In October 2018, the company raised one of the largest VC deals in Canadian history: a $100 million in Series D capital from a group led by Omers Ventures.
And before that, in December 2016, Hopper raised $82 million in funding. That deal was led by the Caisse and with prior investors including Brightspark Ventures, Accomplice, OMERS and BDC Capital.
In March 2016, the company raised $16 million.
Hopper uses artificial intelligence to power its app. Machine learning algorithms suggest travel on alternative dates and locations, which Hopper says spur 25 percent of all bookings.