Formalize, a Denmark-based compliance operations platform, has secured €15 million in a Series A funding round.
SaaS Investors
The round was led by BlackFin Tech, the venture arm of BlackFin Capital Partners.
BlackFin is an investment firm specializing in financial services and compliance technology and manages assets of over €3.5B. It has supported over 20 companies, with a focus on fintechs, regtechs, and insurtechs across Europe, spanning from Series A to Series C funding rounds. Founded in 2009, BlackFin Capital Partners operates from offices in Paris, Frankfurt, Amsterdam, Brussels, and London.
Formalize Use of Funds
The company plans to utilize the proceeds to expand its workforce, with the addition of a new office in Milan, and enhance its compliance solutions.
About Formalize
Formalize (formerly Whistleblower Software) is a tech company founded in 2021, Formalize is an intuitive yet comprehensive compliance operations platform designed to streamline compliance workflows and automate processes for a variety of frameworks and regulations. The platform, previously focused on whistleblowing, now extends to cover a broader spectrum of compliance requirements, including GDPR, NIS2, ISO27001, SOC2, and more. In its strategic vision, Formalize aims to become Europe’s leading compliance software provider by broadening its portfolio to include the data compliance space. The company currently employs 90 individuals across Aarhus, Copenhagen, and Madrid.
Funding Details
Company: Formalize ApS
Raised: €15.0M
Round: Series E Extension
Funding Month: March 2024
Lead Investors: BlackFin Tech
Additional Investors:
Company Website: https://formalize.com/
Software Category: Compliance Operations
Source: https://siliconcanals.com/crowdfunding/formalize-raises-15m/