The Caisse de dépôt et placement du Québec is investing about $128 million in further supporting Hopper, a Montreal-based travel booking app.
The app, which topped 30 million installs over the past year, intends to use the funding to expand its market presence globally and continue to develop its artificial intelligence capacities, according to a press release. Hopper helps travellers buy air-travel tickets and accommodations more cheaply by predicting future price fluctuations and recommending ideal purchasing times.
The Caisse initially invested $40 million in the app in December 2016. “This reinvestment brings la Caisse’s total stake in Hopper to over $75 million, which attests to our commitment to the long-term development of innovative companies with great potential,” said Mathieu Gauvin, senior vice-president for Québec at the Caisse, in the release.
Read: Caisse invests $40M in predictive airfare mobile app
“Hopper is now one of the most downloaded mobile travel applications in the world and it is well positioned to pursue its growth plan, particularly by developing new markets and continuing its AI development.”
In other investing news, the Public Sector Pension Investment Board is taking on additional shares of Forth Ports Ltd., a British port group based in Edinburgh, Scotland.
Purchasing the shares from the Arcus European Infrastructure Fund, the PSP intends to then partner with other long-term investors looking to support the growth of the port owner and operator of eight commercial ports throughout Britain.
“This is a landmark transaction for PSP to increase our stake in a strategically located, top-tier infrastructure asset in the U.K.,” said Patrick Samson, managing director and head of infrastructure investments at the PSP, in a press release. “Since PSP’s original investment seven years ago, Forth Ports’ world-class management team has led the company through consistent high performance and growth. We are now entering the next phase of our journey together, which includes a specific plan to enhance our asset management responsibilities.”
Read: PSP sells London mixed-used property post redevelopment