Hopper | August 18, 2021
Hopper is announcing that it has completed a $175 million Series G financing led by GPI Capital with participation from Glade Brook Capital, WestCap, Goldman Sachs Growth and Accomplice as the company emerges from the pandemic stronger than ever.
As the travel industry continues to rebound, Hopper has demonstrated significant outperformance with its category-leading mobile-only marketplace, delivering value to customers and supply partners with the company's proprietary suite of fintech offerings. Hopper has over 60 million downloads, consistently ranks as one of the most downloaded travel apps, and now has a larger air travel market share in North America than it did before the pandemic (source: MIDT) along with a growing suite of API-enabled solutions for its B2B initiative. Based on its current run rate, Hopper is pacing towards 330% revenue growth compared to last year and it has already surpassed its pre-pandemic revenue peak from Q1 2020 by over 100%. Product roll-outs have been delivered over an increasingly diversified mix of air, hotel and car rental bookings with the company's fintech offerings now representing a majority of its revenue.
Whether it's pricing volatility or avoiding trip disruptions, Hopper's fintech offerings aim to address every pain point in the customer journey while driving conversion, repeat purchases, and profitability. Earlier in the year, Hopper announced that it was launching a B2B initiative called Hopper Cloud. Through this partnership program, any travel provider – airlines, online travel agencies, meta-search companies, travel agencies, etc. – can integrate and seamlessly distribute Hopper's fintech or agency content. Additionally, Hopper Cloud offers white-label travel portals for companies that aspire to sell travel with a differentiated consumer experience and offering. By leveraging its vast data assets, Hopper takes on all financial risk as its AI is able to dynamically price each fintech offering on a real-time basis at scale.
"The success of our fintech offerings demonstrate that travelers are willing to pay for flexibility and assurance as they resume traveling again," said Frederic Lalonde, CEO and Co-Founder of Hopper. "We feel strongly that our fintech offerings through Hopper Cloud can help supercharge the travel industry's recovery by introducing a totally unique revenue stream for other brands. In fact, if all travel distribution channels offered our fintech, it could increase the total consumer spend for the sector by $200 billion annually. We are excited to be partnering with GPI and their distinguished track record of supporting iconic consumer internet companies. We welcome Khai to the board as we execute on a roadmap for sustained growth over the long term."
Khai Ha, Managing Partner at GPI Capital, commented "Hopper has created a large market opportunity with unique fintech products for the travel industry that applies an entirely differentiated and attractive business model in which we are excited to work with Fred and the leadership team to accelerate the flywheel. The company emerged from a challenging period for the industry, bolstering its technology capabilities, customer service and its opportunity set with a stronger, durable foundation. We are thrilled to be a partner in this category-defining story."
The funds will be used to accelerate the company's growth across several fronts including customer support. Following a year of unprecedented customer support requests, Hopper has scaled its customer support team by 200% and developed several self-serve automation tools so that 60% of customer support requests are now resolved instantly. Hopper is hiring an additional 500 employees, of which 300 of them are focused on customer service. The company is actively looking to acqui-hire other teams in travel, data science, or engineering-heavy startups to introduce new product offerings and fuel international expansion. Hopper has had recent success integrating the teams of Journy and Mowgli, which will accelerate entry into new travel categories such as home rentals and regional expansion to Europe.
Kirkland & Ellis LLP and McCarthy Tétrault LLP acted as legal counsel to GPI Capital.
Hopper is the world's fastest-growing mobile-first travel marketplace. By leveraging massive amounts of data and machine learning, the company has developed several unique fintech solutions that help customers save money and travel better. Through its B2B initiative, Hopper Cloud, the company is syndicating its fintech solutions, infrastructure, and agency content. Whether it's pricing volatility or trip disruptions, Hopper's proprietary suite of fintech solutions address every pain point in the customer journey while driving conversion, repeat purchases, and profitability.
About GPI Capital
GPI Capital is an alternative investment firm specializing in leading growth equity investments in technology, consumer and industrial companies. GPI focuses on identifying high quality businesses looking to accelerate growth and execute on transformational opportunities with an engaged and value-add partner
Hyatt Hotels Corporation | August 31, 2021
Hyatt Hotels Corporation, announced a collaboration between the Hyatt Place brand and Gopuff, a go-to platform for consumers’ immediate everyday needs, such as drinks, snacks, over-the-counter medications, home and baby products and more, including alcohol in select markets.
Starting today at more than a dozen Hyatt Place hotels, this pilot program will create an added layer of convenience and comfort for travelers, providing guests at participating properties with fast, free delivery of thousands of everyday items. Guests at participating hotels can receive items in just 30 minutes delivered from Gopuff’s local micro-fulfillment centers. The collaboration will expand the Hyatt Place brand’s Necessities program, which offers guests a wide range of essentials to keep, borrow or buy, such as toothpaste, cellphone chargers or headphones.
In a recent survey, Hyatt learned that 60% of travelers have forgotten to pack an item (e.g., toiletries and first aid) for a business or leisure trip*. Leveraging data from the same survey, Hyatt and Gopuff identified the most-often-forgotten and most-likely-to-purchase items and collaborated to create in-app categories such as Travel Essentials, Spa Retreat, Movie Night, Office on the Go, and more, to ensure guests have easy, quick access to the items they need most while traveling.
“As both business and leisure travelers adjust their travel routines and seek new ways to travel safely, it’s important for us to keep the needs and wellbeing of our guests at the forefront of everything we do,” said Emily Wright, Global Brand Leader, Hyatt. “Every detail of the Hyatt Place experience is designed around innovation and intuitive design to make guest stays as seamless and comfortable as possible. Our collaboration with Gopuff is just another way the brand is helping guests get the most out of their stay, regardless of their reason for travel.”
Through this collaboration, Hyatt Place guests at participating hotels may enjoy the following benefits:
Free delivery on every Gopuff order for all Hyatt Place guests at participating properties.
Access to quick and free delivery of thousands of products, including drinks, snacks, over-the-counter medications, home cleaning and baby products, alcohol in select markets, and pet products for those guests traveling with their furry friends.
Guests who are using Gopuff for the first time will also receive $10 credit for their first two orders ($20 total)
Guests staying at participating Hyatt Place pilot hotels in Nashville and Phoenix specifically may also take advantage of fresh meals, such as pizza, breakfast sandwiches, cafe style coffee and matcha drinks, and more.
“As a customer-first business, we’re excited to work with Hyatt to bring a one-of-a-kind, convenient experience to their guests,” said Marshall Osborne, Gopuff’s Head of Business Development. “As we continue our mission to become the world’s go-to solution for immediate everyday needs, we're excited to leverage our unique model to innovate yet another industry – travel. We look forward to collaborating with Hyatt to improve the way we travel and to enable Gopuff to deliver to more customers in new ways."
Through February 2022, Hyatt Place guests at the following pilot locations can simply scan the QR code placed in their rooms and common areas to take advantage of the offer during their stay or visit Gopuff.com/r/gohyattplace for more information. Once registered as a new Gopuff user, guests can shop across various product categories and the discount will be automatically applied at checkout.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company offering 20 premier brands. As of June 30, 2021, the Company's portfolio included more than 1,000 hotel and all-inclusive properties in 68 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders.
FXAIR | November 09, 2020
FXAIR, the premium on-demand charter provider that launched in July as the newest member of the Directional Aviation family of companies, has made two key additions to its senior leadership team. Assuming the role of Senior Vice President of Sales is Robert Shaplen, who previously held the same position at PrivateFly and also previously served as an award-winning advisor at XOJET. Michael Hall, who over the past decade has held senior sales roles for a variety of Directional Aviation companies, is transitioning from sales to serve as Senior Vice President of Operations.