Honey (company)

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Honey
IndustryCashback website, online coupons
FoundedOctober 2012 (2012-10)
FoundersGeorge Ruan
Ryan Hudson
HeadquartersLos Angeles, California, U.S.
Area served
United States, Canada, United Kingdom, Australia, India
Key people
George Ruan (CEO)
Ryan Hudson (co-founder)
Glen Allison (COO)
Number of employees
209 (worldwide, 2018)
ParentPayPal
Websitejoinhoney.com

Honey Science Corp. is an American technology company headquartered in Los Angeles, California.[1] Its browser extension aggregates and automatically applies online coupons.[2]

Honey's revenue comes from a commission made on user transactions with partnering retailers.[3] When a member makes a purchase from select merchants, Honey shares part of its commission with the member in a cashback program.[4]

Users are notified of price drops and price history on selected items sold by participating online stores.[5]

Since Honey was founded in 2012 by Ryan Hudson and George Ruan, its browser extension has become available on Google Chrome, Safari, Firefox, Opera, and Microsoft Edge.[6]

History[edit]

Entrepreneurs Ryan Hudson and George Ruan founded Honey in November 2012 in Los Angeles, California, after building a prototype of the browser extension in late October 2012. A bug tester leaked the tool to Reddit, where it went viral.[7] By March 2014, the company acquired 900,000 organic users.[8]

In 2014, Honey raised a $1.8 million seed round, followed by $4 million Series A round in 2016. By October 2017, Honey raised a $9 million Series B round.[9]

Honey raised a $26 million Series C round, led by Anthos Capital in March 2017.[10]

As of January 2018, Honey has raised a total of $40.8 million in venture backing.[11]

On November 20, 2019, it was acquired by PayPal for about $4 billion.[12]

References[edit]

  1. ^ Vincent, Roger. "Online coupon firm Honey taking over historic Coca-Cola plant in Arts District". latimes.com. Retrieved 2019-01-03.
  2. ^ McAlone, Nathan. "14 ways to save money by thinking like a millennial". Business Insider. Retrieved 2019-01-03.
  3. ^ Rey, Jason Del (2018-04-02). "Honey — the under-the-radar coupon startup — has held talks to raise around $100 million in a new investment". Recode. Retrieved 2019-01-03.
  4. ^ Kane, Libby. "A struggling dad built an app to buy his kids cheaper pizza — and now his company has 5 million downloads and $40 million". Business Insider. Retrieved 2019-01-03.
  5. ^ Ellingson, Annlee. "How Honey helps users keep their New Year's resolution to save money". www.bizjournals.com. Retrieved 2019-01-03.
  6. ^ Nield, David. "How to Spot Genuine Discounts During Your Holiday Shopping". Gizmodo. Retrieved 2019-01-03.
  7. ^ Shontell, Alyson. "New Coupon Startup 'Honey' Has Had 9 Successful Investor Meetings In A Row". Business Insider. Retrieved 2019-01-03.
  8. ^ "Honey Introduces A Universal Cart For Online Shoppers Where Savings Are Automatically Applied". TechCrunch. Retrieved 2019-01-03.
  9. ^ "Honey Science Section Overview". Crunchbase.
  10. ^ Pierson, David. "Can't find a coupon code? This L.A. start-up does all the work for you". latimes.com. Retrieved 2019-01-03.
  11. ^ Ketchum, Dan. "Got a Problem? Turn It Into a Business Like These 15 Companies". www.gobankingrates.com. Retrieved 2019-01-03.
  12. ^ "PayPal to acquire Honey for ~$4B". seekingalpha.com. Retrieved 2019-11-20.