Moncton-based Quber, an app that aims to help users save money through fun games, has closed $450,000 in total funding.
Of the overall funding, $200,000 came from the New Brunswick Innovation Foundation, while the rest of the money came from angel investors and the Quber founders themselves.
“Our app takes something that’s usually considered boring and unappealing and makes it easy, fun, and rewarding.”
“Budgeting and saving are something that’s important for nearly everyone, regardless of age or financial status,” said Jen Leger, QUBER’s CEO and co-founder. “Our app takes something that’s usually considered boring and unappealing and makes it easy, fun, and rewarding.”
Founded in 2016, Quber’s app allows users to save for goals like vacations or gifts, and money saved goes into the Quber Vault, where it’s protected from impulse spending. The app securely transfers money into personalized savings jars with automatic “savings rules,” allowing users to determine how they would like to save money. In the past, Leger has held senior roles in BMM Testlabs, Medavie Blue Cross, and Spielo.
“Quber has a fun, innovative approach to a universal concern—saving money,” said Thomas Bird, an NBIF Investment Associate. “They’ve managed to grow their team, increase their revenue, and attract a significant number of customers in just three years since the company was established.”
Quber currently has five employees. The company said it is using the money to support marketing and grow its customer base. Quber also noted that it has set up several (undisclosed) enterprise pilots.
For the past 16 years, the NBIF has invested over $100 million in New Brunswick-based startups and researchers, leveraging $457 million from private and public sources. The organization has previously stated that its strategic investments have helped launch over 100 companies and funded nearly 500 applied research projects.
“QUBER has impressive potential and has proven to be very responsive to customer needs,” said Bird. “They have a sound business model and a product developed with customer input, not to mention solid user growth and retention.”
Image courtesy Unsplash. Photo by Sabine Peters.