Caisse de dépôt et placement du Québec has invested $40 million in Montreal-based Hopper, a mobile app that analyzes and predicts airfare.
The investment is part of a $82-million financing led by Caisse. Existing investors – Brightspark Ventures, Accomplice, OMERS Ventures, Investissement Québec and BDC Capital IT Venture Fund – also participated in the round.
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The app forecasts future flight prices with 95 per cent accuracy up to a year in advance of departure. In the past year, it has grown from one million users to more than 10 million. Hopper will use the funds to further scale its growth, expand its international presence and partner with more airlines abroad, according to a press release.
“Hopper stands out through its innovation capability by using highly sophisticated technologies to predict customer demand and buying behaviour,” said Christian Dubé, executive vice-president, Québec, at Caisse. “This financing is intended to consolidate the company’s current lead in the market by accelerating the pace of its development and global expansion.”