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| 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. is an American technology company headquartered in Los Angeles, California. Its browser extension aggregates and automatically applies online coupons.
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.
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.
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 acquired 900,000 organic users.
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.
Honey raised a $26 million Series C round, led by Anthos Capital in March 2017.
As of January 2018, Honey has raised a total of $40.8 million in venture backing.
On November 20, 2019, 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. "How Honey helps users keep their New Year's resolution to save money". www.bizjournals.com. Retrieved 2019-01-03.
- 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. Retrieved 2019-01-03.
- "Honey Introduces A Universal Cart For Online Shoppers Where Savings Are Automatically Applied". TechCrunch. Retrieved 2019-01-03.
- "Honey Science Section Overview". Crunchbase.
- 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.
- Ketchum, Dan. "Got a Problem? Turn It Into a Business Like These 15 Companies". www.gobankingrates.com. Retrieved 2019-01-03.
- "PayPal to acquire Honey for ~$4B". seekingalpha.com. Retrieved 2019-11-20.