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Canadian Tech in 100 Words

Hopper

Hopper Eyes $10 Billion Valuation with IPO Plans

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Montreal-based Hopper plans a dual listing on the TSX and Nasdaq, potentially valuing the company at up to $10 billion. Known for its travel price prediction app, Hopper serves millennials and Gen Z while powering B2B travel platforms for companies like Capital One.

Founder Frederic Lalonde emphasizes profitability before the IPO, highlighting the company’s $1B revenue goal. Backed by $740M from investors including Goldman Sachs and Inovia Capital, Hopper’s competitive edge lies in its AI-driven data algorithms. Lalonde’s journey from hacker to industry disruptor underscores Hopper’s moonshot success.

Want to know more? Check out the source code on the Financial Post.

Wealthsimple, Clio, Hopper Ride Secondary Market Wave

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Amid a sluggish IPO market, Canadian tech firms like Wealthsimple, Clio, and Safe Software are leveraging the booming secondary market, which reached $68 billion globally in H1 2024. Hopper, the Montréal-based travel platform, is seen as a potential candidate for another secondary deal, following similar moves in 2016 and 2020.

Brightspark partner and board member Sophie Forest suggests secondaries could reward Hopper’s employees and early investors if IPOs remain out of reach. While not actively pursuing a deal, Hopper President Dakota Smith emphasizes there’s no rush to go public. The secondary trend underscores creative liquidity solutions for private tech firms.

Want to know more? Check out the source code on BetaKit.

Hopper Aligns for Growth with Latest Staff Reductions

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Montréal-based travel booking firm Hopper has laid off about 10% of its workforce, or 60-65 employees, following the renewal of its partnership with Expedia. Hopper confirmed the layoffs were part of a restructuring to focus on growth and profitability. The cuts primarily impacted the direct hotel team, which Hopper had relied on since Expedia ceased its inventory supply in 2023.

The company had previously reduced its workforce by 30% in October 2023 to prioritize B2B offerings, which now comprise two-thirds of revenue. Hopper aims to achieve profitability within two years while postponing any plans for an IPO.

Want to know more? Check out the source code on BetaKit.

Introducing “Cancel for Any Reason”: Air Canada’s Travel Plan Game-Changer

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Air Canada’s partnership with fintech firm Hopper introduces enhanced travel flexibility to aircanada.com users. The collaboration allows passengers to incorporate a “Cancel for Any Reason” feature to eligible non-refundable fares.

With this option, travellers can cancel flights up to 24 hours before departure. Depending on coverage level, users receive an 80 or 100% refund directly to their chosen payment method upon cancellation. This innovation applies to Standard, Flex, Premium Economy Lowest, and Business Class Lowest fares.

Mark Galardo, Air Canada’s Executive VP for Revenue and Network Planning, hailed the partnership as a response to changing travel plans, reflecting the company’s commitment to passenger convenience.

Want to know more? Check out the source code on Travelweek.ca. Image: John McArthur on Unsplash.

Hopper’s B2B Cloud Empowering Nubank’s Travel Booking Experience

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Montréal’s Hopper, a leading travel booking startup, has teamed up with Nubank, a major digital bank in Latin America, to power its upcoming travel portal.

Set to launch next year, the portal will utilize Hopper’s B2B Cloud offering. The partnership adds Nubank to Hopper’s list of clients, including Capital One and Uber.

With a focus on becoming a “super app” for travel, Hopper introduced new FinTech capabilities in 2022 to mitigate issues caused by airport chaos.

As travel rebounds post-COVID-19, more businesses are venturing into tourism deals, leveraging partnerships like this one.

Want to know more? Check out the source code on BetaKit.