Capital One invests additional $96m in mobile travel app Hopper

• Capital One previously led Hopper’s Series F round in March 2021
• The company’s other investors include Accomplice, BDC Capital, Caisse de dépôt et placement du Québec, Citi Ventures, Glade Brook Capital, GPI Capital, GS Growth, Inovia Capital, OMERS Ventures and WestCap
• The Hopper app has nearly 80 million downloads

Hopper, a Montreal-based mobile-first travel marketplace, has secured a $96 million follow-on investment from Capital One.

The funds raised will be used to accelerate the company’s growth across several fronts, including fueling its new social commerce initiatives.

Last year, Hopper and Capital One teamed up to launch Capital One Travel, which offers customers elevated earn on travel bookings and features like price alerts, price drop protection, and the ability to cancel flights for any reason. Following its success, they are announcing an extension to their partnership as a way to continue creating best-in-class, intuitive solutions that make all parts of the travel journey seamless for customers.

“Capital One has invested heavily in our own tech journey to ensure we can be nimble and innovate on our platforms and experiences at scale. 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” said Matt Knise, a managing vice president of U.S. Card at Capital One, in a statement. “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.”

“We are thrilled to be extending our partnership with Capital One to further the growth and expansion of Capital One Travel,” said Frederic Lalonde, CEO and co-founder of Hopper. “We look forward to continuing to deliver a game-changing travel booking experience that evolves to meet the next generation of customers’ needs.”

Over the past year, Hopper has become the fastest growing travel app in the US, the company said. The Hopper app has nearly 80 million downloads and continues to capture market share in North America.

Capital One previously led Hopper’s $170 million Series F round in March 2021. The company’s other investors include Accomplice, BDC Capital, Caisse de dépôt et placement du Québec, Citi Ventures, Glade Brook Capital, GPI Capital, GS Growth, Inovia Capital, OMERS Ventures and WestCap.