Formalize (formerly known as Whistleblower Software), a Denmark-based compliance operations platform, has successfully raised €15M in a Series A funding round. This investment will propel the company to establish itself as the premier compliance software provider in Europe.
With a current workforce of 90 employees across Aarhus, Copenhagen, and Madrid, Formalize is set to expand its operations to Milan this year, aiming to nearly double its team size. Jakob Lilholm, founder of Formalize, expressed enthusiasm about the investment, highlighting the growing demand for tools that simplify compliance work.
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Investment Led by BlackFin Tech
The funding round was led by BlackFin Tech, the venture arm of BlackFin Capital Partners, a firm specializing in financial services and compliance technology. BlackFin manages assets over €3.5B and has supported more than 20 companies in the fintech, regtech, and insurtech sectors across Europe.
Michele Foradori, Investment Director at BlackFin, emphasized the significant potential for automating compliance processes and reporting across the EU. “Formalize has proven with its whistleblower software that they can create a user-friendly and market-leading product,” Foradori stated.
Addressing EU Compliance Challenges
Formalize aims to simplify the EU’s complex compliance landscape with its data compliance platform, automating large parts of the compliance processes for businesses. The platform, which has been rebranded to include data compliance space automation, supports GDPR, NIS2, ISO27001, SOC2, and more.
Impact and Growth
The whistleblower platform, now known as ‘Whistleblower Software by Formalize‘, is accessible to over five million employees globally and is used by more than 500 consultancies, including PwC, Bird&Bird, and Baker McKenzie. Since its last funding in November 2022, the company has seen a fivefold increase in annual recurring revenue and expanded its workforce from 20 to 90 employees.
With the Series A funding, the startup is poised to become Europe’s leading compliance software provider, broadening its portfolio to further automate and simplify compliance for businesses across the continent.
