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Revision as of 11:37, 27 January 2020
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| Company type | Subsidiary |
|---|---|
| Industry | Cashback website, online coupons |
| Founded | October 2012 (2012-10) |
| Founders | George Ruan Ryan Hudson |
| Headquarters | Los 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) |
| Parent | PayPal |
| Website | joinhoney |
Honey Science Corp., headquartered in Los Angeles, California, operates a browser extension that aggregates and automatically applies online coupons. It is a subsidiary of PayPal. Honey's revenue comes from a commission made on user transactions with partnering retailers. When a member makes a purchase from select merchants, Honey shares part of its commission with the member in a cashback program. Users are notified of price drops and price history on selected items sold by participating online stores. Its browser extension is available on Google Chrome, Safari, Firefox, Opera, and Microsoft Edge.
History
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. By March 2014, the company had 900,000 organic users.
Financing history
In 2014, Honey raised $1.8 million in seed money, followed by a $4 million Series A round in 2016. By October 2017, Honey raised a $9 million Series B round.
Honey raised a $26 million Series C round, led by Anthos Capital in March 2017.
By January 2018, Honey raised a total of $40.8 million in venture backing.
On January 6, 2020, it was acquired by PayPal for about $4 billion.
References
- Vincent, Roger. "Online coupon firm Honey taking over historic Coca-Cola plant in Arts District". latimes.com. Retrieved 2019-01-03.
- McAlone, Nathan. "14 ways to save money by thinking like a millennial". Business Insider. Retrieved 2019-01-03.
- 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.
- 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.
- Ellingson, Annlee (January 31, 2018). "How Honey helps users keep their New Year's resolution to save money". American City Business Journals.
- Nield, David. "How to Spot Genuine Discounts During Your Holiday Shopping". Gizmodo. Retrieved 2019-01-03.
- Shontell, Alyson. "New Coupon Startup 'Honey' Has Had 9 Successful Investor Meetings In A Row". Business Insider.
- "Honey Introduces A Universal Cart For Online Shoppers Where Savings Are Automatically Applied". TechCrunch.
- "Honey Science Section Overview". Crunchbase.
- Pierson, David. "Can't find a coupon code? This L.A. start-up does all the work for you". Los Angeles Times.
- Ketchum, Dan. "Got a Problem? Turn It Into a Business Like These 15 Companies". www.gobankingrates.com.
- "PayPal Completes Acquisition of Honey" (Press release). PR Newswire. January 6, 2020.