Hardbacon, a personal finance application used by more than 38,000 Canadians, has launched an equity crowdfunding campaign through the FrontFundr portal “where it has secured no less than $422,829 in the first 24 hours.”
As part of the campaign, Hardbacon has “obtained $303,965 in completed funding, while $118,864 in funds are still in process.”
The company has thus “reached 85% of its $500,000 fundraising goal, bringing Hardbacon’s total financing to more than $2.35 million since its founding.”
Julien Brault, CEO of Hardbacon, said:
“I’m shocked and humbled at the same time by the amount of money we managed to raise in 24 hours. It proves once more that equity crowdfunding is a healthy alternative to venture capital firms that have been withdrawing from the market as a response to the current economic turmoil.”
Since 2015, private companies like Hardbacon have “had the right to seek financing from the general public via equity crowdfunding platforms.”
As noted in an update shared with CI, this is “a smart alternative to seeking funding from accredited investors and instead gives the public access to previously inaccessible investment opportunities.”
Anybody can invest in a start-up such as Hardbacon “starting with as little as $500.”
In response to the lack of financial education in Canada, Hardbacon was “created to bring together the tools people need to plan, budget, invest, and save, in one smart application, to give everyone the power to take control of their personal finances.”
The company also helps Canadians make everyday savings by “allowing them to shop for the financial products that best fit their needs.”
The bulk of the proceeds of this round will be used “to fuel company growth.”
As mentioned in the update, 45% of the round will be “invested in marketing, primarily to expand its content library, while 35% will be invested in its product, which is entirely developed internally.”
The Hardbacon app “is currently home to 38,000 users.”
Hardbacon.ca “has 232,000 monthly unique visitors and 17% month over month user base growth.”
As a major player in lead generation, it has agreements “with over 200 financial products with 56 active clients of which 20 are Canadian financial institutions.”
To further grow its reach, since 2021, Hardbacon “has acquired three websites: simplerate.ca, grattecenne.com, and FindmyTotal.com.”
Looking ahead, Hardbacon aims “to become the go-to tool that everyone turns to, whenever they make a financial decision; to help people save on their insurance policies, to maximize cash-back on their credit cards, to get a better cell phone plan, to get rid of their debt, and more.”
Brault added:
“Financial education is lacking in Canada, but we have the tools to help people take control of their finances and to achieve their goals. If you see money as an important tool towards your financial freedom, you should invest in our round of financing.”
Interested investors can still invest in the funding round via FrontFundr.
As noted in a release, Hardbacon “helps Canadians plan, budget and invest, while also enabling users to compare different financial services such as credit cards, bank accounts, online brokers, robo-advisors, mortgages and crypto exchanges.”
Hardbacon is “available for download in the App Store and Google Play Store.”
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