Hardbacon this week launched an equity crowdfunding campaign through the FrontFundr portal where it has secured more than $400,000 in the first 24 hours.
Since 2015, private companies like Hardbacon have had the right to seek financing from the general public via equity crowdfunding platforms. The Montreal-based personal finance application has used equity crowdfunding to raise over $2 million since its founding.
“I’m shocked and humbled at the same time by the amount of money we managed to raise in 24 hours,” Julien Brault, CEO of Hardbacon, said. “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.”
Hardbacon is looking to raise a total of $500,000 this round. The minimum investment is $500.
Brault says that Hardbacon was created in response to a lack of financial education in Canada. The fintech firm’s app brings together the tools people need to plan, budget, invest, and save, into one smart application.
“Hardbacon is on a mission to help Canadians save money,” said Brault in March.
Earlier this year Hardbacon acquired Simplerate.ca, consolidating its position in the rewards and credit cards space in Canada.