A Vancouver-based startup is crowdfunding capital from the community.
Blossom, a B.C. financial technology firm, is using FrontFundr to raise capital from Canadians—and is seeing strong early success.
The fintech, which claims to be growing by more than 10,000 users per month, has already raised more than $2 million previously from investors such as LOI Venture and Pareto Holdings.
Now, it’s set to raise nearly as much—or more—through crowdfunding.
With more than 40 days left still on its campaign, Blossom has already exceeded its goal with $1.7M raised so far from over 600 investors.
Blossom says projected revenue is forecast to rise 300% from 2023, powered by a “rapid release cycle” of product updates, according to the company, which offers a novel “social brokerage” that innovates at the intersection of financial investing and social media.
It helps that the company is targeting a big (and expanding) market: All 110 million retail investors across North America.
“Built by investors for investors, Blossom combines a highly-engaged community with powerful portfolio analysis, dividend tracking, and education features to help drive better investing decisions,” the company states on its campaign page. “Connecting securely to your brokerage, Blossom let’s you put your money where your mouth is and delivers a much richer social experience for investors.”
Funds from this capital raise will be used to fuel growth and further develop the product, according to Blossom, with some specific goals set, including an aim of reaching 250,000 users by the end of 2024.
Blossom launched in 2022 after pilot testing its product in a private beta in 2021.
The fledgling fintech was then accelerated by Google for Startups in 2022 before being recognized as a Canadian Fintech to Watch in 2023 and named a winner at the Digital Commerce Calgary Fintech Award last year.
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