Formalize receives 15 million euros in Series A financing

BlackFin Tech leads an impressive Series A funding round for Formalize. The investment will drive the development of the new compliance operations platform

Aarhus, March 2024 - Danish company Formalize, formerly Whistleblower Software, has raised €15 million in a Series A funding round. At the same time, the company announced the launch of its new compliance operations platform with the aim of becoming a leading provider of compliance software in Europe.

Formalize's compliance operations software automates and manages compliance processes for various application areas such as GDPR, GRC, ISMS and more. Already established in the DACH region, Formalize maintains close business relationships with compliance experts and counts well-known customers such as Develey, Emma, Der Grüne Punkt in Germany as well as Sacher, Manner, and Almdudler in Austria among its portfolio. With over 3,000 organizations as users, the system has become firmly established in the region.

Growing demand in the EU

The increasing demand for compliance tools in the European Union due to stricter rules for companies makes the automation of compliance processes essential. Formalize helps companies to optimize their processes and focus on their core business.

By automating processes, Formalize helps companies to meet these requirements. The platform adapts to the specific needs of the company without compromising security.

Jakob Lilholm, Founder and CEO Formalize

The financing round was largely driven by the European venture capital firm BlackFin Tech. Michele Foradori, Investment Director at BlackFin, explains the investment: "With its whistleblower software, Formalize has developed a product that enables companies to save time and keep track of their compliance and regulatory requirements."

Growth through whistleblower system

Formalize, previously known for its excellent whistleblowing system, is now expanding its offering with the Compliance Operations Platform. This streamlines compliance workflows and automates processes for GDPR, NIS2, ISO certifications and SOC2.

Since the last investment round, Formalize has increased its turnover fivefold and grown from 20 to 90 employees. The company plans to double its German-speaking team this year.

BlackFin Capital Partners

BlackFin is a European investment company with a focus on financial services and compliance technology. With over €3.5 billion in assets under management, BlackFin focuses on investing in fast-growing fintechs, regtechs and insurtechs across Europe. On the Startbase we already reported on the investments in Hawk AI and Finlex.