Hardbacon’s campaign closed last night raising over $753,006 of their $500,000 goal from 785 investors. Some private companies are fearful of multiple investors, creating a huge and unwieldy cap table. Through FrontFundr’s set up to help companies manage multiple investors, Hardbacon has 785 new advocates who are promoting their online app to new customers.
"Having investment advisors invest in our round is so much more strategic than having any VC firm invest. Not only we get investment from them, but they are becoming customers and ambassadors," said Julien Brault, CEO, Hardbacon.
The fintech start-up will use this funding to accelerate its growth. Hardbacon recently made a B2B turnaround, including signing a partnership with Desjardins Online Brokerage and introducing a product for financial advisors.
The company also launched an online directory of 120,000 financial advisors across Canada. Among other things, the money raised will be used to upgrade Hardbacon, adding bank account synchronization and enabling users to share their financial goals. In addition, Hardbacon plans to launch a platform for financial advisors, which will allow them to share the Hardbacon application with their clients. This solution will enable advisors to get a snapshot of their clients' overall financial situations while helping them receive a more personalized service.
Financing from users
Hardbacon, whose mobile app is designed for both stock market investors and financial advisors, launched its equity crowdfunding campaign on FrontFundr in June, 2019. Hardbacon wanted to allow its clients to invest in the company. The FrontFundr round of financing allows anyone to become a Hardbacon shareholder for an investment of as little as $99 and up to $10,000, the legal limit for members of the general public.
"Hardbacon provides everyone easier access to investing in the stock market and to make better investment decisions. The successful capital raise for Hardbacon on FrontFundr is a great example of how companies can combine getting funding with creating awareness in the market around their products and services. Hardbacon has not only raised $753K, above their $500K funding goal, but has also 850 new brand champions and potential customers," said Peter-Paul Van Hoeken, CoFounder and CEO of FrontFundr.
About Bacon Financial Technologies
Bacon Financial Technologies, better known under the name Hardbacon, has a mission to make stock market investing simple and profitable for everyone. For individual investors, Hardbacon is a mobile application that links to their investment accounts, analyzes their portfolio, and provides them with all the data and tools they need to manage their investments properly, with or without an advisor. For financial institutions, Hardbacon is a technology provider that enables them to acquire more assets under management from their clients, build loyalty and acquire new qualified customers. To find out more, go to hardbacon.ca
Founded in 2015 and with offices in Vancouver and Toronto, FrontFundr is the leading online investment platform for the private markets in Canada and is a registered Exempt Market Dealer (EMD). The platform has facilitated 39 successful rounds of financing (including Hardbacon) since 2015, thereby helping Canadian companies access capital and more than 4,000 shareholders and spokespersons. To learn more, go to frontfundr.com