hard bacona start-up specializing in comparison tools and customer referencing, announced that it had obtained funding of $706,000 through the crowdfunding portal FrontFundr. The company thus exceeded its initial goal, which was $500,000.
“Although we have a good growth, we were still worried given the current economic context,” said Julien BraultCEO of Hardbacon, in an interview with the Insurance Portal. “We knew that some of our investors would continue to support us, but it’s still a relief in this period of uncertainty,” he adds.
Launched last May, this new round brings Hardbacon’s total funding to more than $3.1 million since its founding in 2017. The Longueuil-based fintech had, among other things, obtained funding of $770,000 in July 2019, followed by over $1M in March 2021. All through FrontFundr.
These funds will be used to continue the growth of the young shoot, in particular by investing in new themes. “At first, we were on customer referencing, but since then we have evolved into several verticals such as cryptocurrency and credit cards. This year, we want to focus on insurance, whether damage, disability, etc. “, reveals the CEO of Hardbacon.
To move in this direction, the company has multiplied partnerships with players in the sector. Hardbacon has reached an agreement with the insurance broker SquareOne, to help its users find a home insurance policy. The travel and health insurance broker Securiglobe is also one of its newest partners to help Canadians save on travel insurance. The company had also already shown interest in the sector by joining forces with ClicAssure, a car and home insurance comparator. “We are also in partnership with HelloSafe and we work with many other players to meet the greatest number of needs,” explained Mr. Brault.
Currently, Hardbacon’s site has 232,000 monthly unique visitors and plans to double its reach by the end of the year. “We have found our recipe for growth, which is very content and SEO-based. [optimisation pour les moteurs de recherche, NDLR]. People will ask questions Google and fall on us, so we invest a lot in the content”, confides the CEO.
The company plans to use these new funds to boost its features. “We want to give people a voice and hear their opinion. We want to let them express themselves on products such as credit cards, bank accounts, but also on insurance products and mortgage products in order to help other people make their choice,” says Mr. Brault. For now, there is no official date for the launch of this feature, but a first version should see the light of day between the end of 2022 and the first quarter of 2023.
While it has been talking about it since 2021, the company is now planning its IPO for 2023. “We have fallen behind,” recognizes Julien Brault.