Blossom Social, a Vancouver-based FinTech startup, has successfully secured more than $2.1m CAD in seed funding. The funds were raised to support the expansion of its investing social network into the US.
Nearly $1m of the funding came from Blossom users through a recent equity crowdfunding campaign, according to a report from Betakit. The remaining $1.1m was provided by LOI Venture, Goodwater Capital, and angel investors through simple agreements for future equity.
Blossom Social, founded in 2021, is a social network for investors to share verified stock portfolios, trades, and investment ideas. Its mobile app offers features such as portfolio analysis tools, dividend tracking, and investing education styled like Duolingo. Unlike Reddit or Discord, posts on Blossom are backed by real activity from users’ linked brokerage accounts.
The new funding will support Blossom’s expansion into the US market, aiming to replicate its success in Canada. Additionally, the funds will be used to enhance the company’s product development, including the introduction of an investing “super-chat” and a desktop app to complement its existing mobile platform.
Maxwell Nicholson, Blossom’s co-founder and CEO, highlighted the company’s shift from its original goal of becoming a social brokerage. “We were trying to compete with the Wealthsimples, the Questrades of the world.”
In addition to its growth and product development, Blossom plans to leverage its ambassador program and partnerships with investing influencers like YouTubers to build its presence in the US market.
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