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
Travelner | February 10, 2022
The pandemic in general, and the outbreak of Omicron recently, have created a much broader awareness of travel insurance. “What happens if I get Covid during travel?” is for sure the most frequently asked question by travelers worldwide. The answer is in fact, very simple: “Insurance".Many travel insurance companies are now offering travel insurance packages that include the medical coverages of Covid-19. But would it benefit travelers in light of the new Omicron variant or any variant that may potentially appear? And how to find the best online travel insurance amongst so many options out there? Follow these top tips recommended by Travelner experts - a top-class travel agency - to get travel insurance online that can fully protect you and your loved ones when traveling abroad.
Find a credible provider to get travel insurance online
It is indisputably essential to check your insurance provider’s credibility before processing any further transaction since it will directly affect your benefits. “The best way to thoroughly examine your insurance provider is by looking at their state licensing, claims process, and complaints. And don’t be afraid to ask the provider about how they handle claims and how they arrive at a claim award ", said Tyler Wong of Travelner. These questions will help you choose which insurance company can support you to get travel insurance online and assist you in the event of an emergency.
Don’t forget to check your provider’s terms and conditions to make sure that the procedure is transparent and trustworthy. An insurance company’s financial strength is a valid proof of its ability to secure your benefits in case of any incidents. Travelner is proud to be a strategic partner with Trawick Insurance - recommended by Forbes as one of the best online travel insurance companies so that we can ensure travelers can fully experience their holidays when traveling with us.
Compare plans, prices, and benefits of cheap online travel insurance packages
Although most travel insurance packages do include Covid-19 medical expenses, some of them might not. Therefore, Travelner experts suggest travelers should read the policies carefully and look out for those that exclude pandemics. Travelner is currently providing a travel insurance package that covers medical expenses for COVID-19, SARS-CoV-2, and any mutation or variation of SARS-CoV-2.
Most travel insurance plans with medical benefits now treat Covid like any other illness. So when comparing prices to find the best online travel insurance, make sure that you are considering packages with the same plans and benefits. Keep in mind that cheap online travel insurance doesn’t mean it is the best option for your trip abroad. Moreover, note that to make a claim, you must have had travel insurance before becoming ill since insurance is designed for unforeseen issues.
Check on the claims process of the travel insurance provider
People often overlook the importance of claims process transparency, while in fact, it is one of the determining factors to distinguish between an ordinary and the best online travel insurance company. An ideal claims process should be transparent and fully guided so that you should know who and how to contact to make an insurance claim.
With Travelner’s insurance, travelers can rest assured that the claim procedure is clearly instructed and all claim forms can be found easily on the Travelner website. No more tedious process to get your family and yourself fully protected from the pandemic when traveling abroad with our insurance package.
Sonder | January 07, 2022
Sonder Holdings Inc. (“Sonder”), a leading next-generation hospitality company that is redefining the guest experience through technology and design, announced it has added over 100 new corporate travel accounts over the last year as a result of the high demand for its thoughtfully designed, reliable and tech-enabled accommodations among business and group clients.Sonder has seen increasing corporate travel demand from the technology, hospitality, retail, entertainment and healthcare industries, and nearly half of Sonder’s corporate booked revenue was driven by corporate housing demand. With Sonder locations in major global business hubs, the most popular destinations for corporate and group bookings last year were New York City, Philadelphia, London, Dublin, New Orleans and Palm Springs.
“In this economy, companies offering a compelling relocation package to a prospective hire can really stand out,” shared Situ’s Managing Director Phil Stapleton. “Today, our clients are consistently prioritizing autonomous accommodation spaces that are comfortable, thoughtfully designed, tech-forward and in the right locations. Sonder consistently delivers across all these aspects, helping us provide the outstanding corporate housing experience our clients are looking for, which makes a difference.”
Sonder’s flexible accommodation options span individual hotel rooms to full apartments with multiple bedrooms, which are available for one-night or multi-night stays. Many spaces offer room to spread out and work remotely, with fully-equipped kitchens, living rooms, multiple bedrooms and en-suite laundry. Sonder’s tech-enabled experience makes it easy for travelers to request early check-in or late check-out directly from their phones, and to bypass crowded lobbies via check-in through the Sonder app. Sonder guests also receive instant support through the company’s 24/7 Concierge service through the app.
“We’re incredibly pleased with the traction we’ve seen among this important travel segment since launching a dedicated team focused on this customer base just last year, and to be working with strong partners in the space,Our continued growth and working with over 100 corporate clients has proven that there’s a significant need for thoughtfully designed, tech-enabled accommodations among these agencies and travelers.”
-Kristen Richter, Vice President of Sales at Sonder
Following the launch of its dedicated business travel offering and Global Distribution System connectivity in mid-2021, Sonder recently signed a partnership with ABC Global Services, a leading supplier of services and technology for travel agencies, advisors and professionals. ABC Global Services’ entire global agent network will now benefit from the ability to choose a comfortable, contactless stay at Sonder in more than 35 cities around the world, at preferential rates.
“While corporate travel may look a little different these days, what matters to our clients and their travelers remains the same: a consistent, comfortable and reliable hospitality experience,We believe that Sonder’s next-generation business model meets that need, delivering an experience that’s innovative, seamless and elevated – with flexible options for different types of stays and travelers.”
-Dee Runyan, President at ABC Global Services
Sonder also has active business travel partnerships with Egencia, HotelEngine and TripActions, three top Travel Management Companies.
Business Combination with Gores Metropoulos II
Sonder recently announced that the Registration Statement on Form S-4 filed with the U.S. Securities and Exchange Commission (the “SEC”) on July 7, 2021, as amended by Amendment No. 7 filed on December 20, 2021, was declared effective on December 22, 2021. The Registration Statement was filed in connection with the proposed business combination of Sonder and Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU). A special meeting of Gores Metropoulos II stockholders to approve the business combination will be held on January 14, 2022, at 9:00 a.m. Eastern Time.
Sonder’s common stock and public warrants are expected to be listed on Nasdaq under the ticker symbols “SOND” and “SONDW,” respectively, following the closing of the business combination. Upon completion of the business combination, subject to any redemptions by the public stockholders of Gores Metropoulos II and the payment of transaction expenses at the closing, Sonder expects to have approximately $310 million in PIPE proceeds, up to $450 million in cash in Gores Metropoulos II’s trust account and $165 million of Delayed Draw Notes to fund operations and support new and existing growth initiatives.
Sonder is revolutionizing hospitality through innovative, tech-enabled service and inspiring, thoughtfully designed accommodations combined into one seamless experience. Launched in 2014 and headquartered in San Francisco, Sonder provides a variety of accommodation options — from spacious rooms to fully-equipped suites and apartments — found in over 35 markets spanning ten countries and three continents. The Sonder app gives guests full control over their stay. Complete with self-service features, simple check-in and 24/7 on-the-ground support, amenities and services at Sonder are just a tap away, making a world of better stays open to all.To learn more, visit www.sonder.com or follow Sonder on Facebook, Twitter or Instagram. Download the Sonder app on Apple or Google Play.
About Gores Metropoulos II, Inc.
Gores Metropoulos II, Inc. (Nasdaq: GMII, GMIIW, and GMIIU) is a special purpose acquisition company sponsored by an affiliate of The Gores Group, LLC, a global investment firm founded in 1987 by Alec Gores, and by an affiliate of Metropoulos & Co. whose Principals are Dean, Evan and Daren Metropoulos. Gores Metropoulos II was formed for the purpose of entering into a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. Messrs. Gores and Metropoulos together have over 100 years of combined experience as entrepreneurs, operators and investors across diverse sectors including industrials, technology, media and entertainment, business services, healthcare and consumer products and services. Over the course of their careers, Messrs. Gores and Metropoulos and their respective teams have invested in more than 180 portfolio companies through varying macroeconomic environments with a consistent, operationally-oriented investment strategy. For more information, please visit www.gores.com.