Formalize, the company formerly known as Whistleblower Software, has announced a significant milestone by securing €15m in Series A funding.
The funding marks a pivotal step in its rebranding and expansion efforts. This financial injection is led by BlackFin Tech, a key player in the investment community with a keen eye on the burgeoning compliance tech sector.
Dedicated to easing the compliance burdens faced by businesses across the European Union, Formalize offers an innovative compliance operations platform. The stringent EU regulatory environment has made compliance a complex and time-consuming necessity, diverting resources from core business objectives. Formalize’s solution automates and streamlines compliance processes, facilitating a more efficient and secure approach to meeting regulatory demands.
The newly acquired funds are earmarked for broadening the platform’s capabilities and reach. By automating significant portions of the compliance workflow, Formalize aims to mitigate the labor-intensive aspects of regulatory adherence. This move not only promises enhanced security and customization options for its users but also positions the company to lead the charge in transforming compliance into a less daunting task for businesses.
Formalize’s evolution from a whistleblower platform to a comprehensive compliance software is a testament to its adaptability and growth. Since its last investment in November 2022, the company has seen a substantial increase in its annual recurring revenue and workforce. The whistleblower platform, now dubbed ‘Whistleblower Software by Formalize’, has been recognized as a market leader and serves over five million employees globally through partnerships with over 500 consultancies, including industry giants like PwC and Baker McKenzie.
With the launch of its compliance platform, Formalize is set to automate compliance tasks for regulations including GDPR, NIS2, ISO27001, and SOC2. This expansion into the data compliance domain underscores the company’s commitment to becoming the go-to compliance software provider in Europe.
“Due to the increased data compliance regulations from the EU, the standard approach to compliance is no longer sustainable. By automating large parts of the compliance processes, Formalize can help companies ease the work without compromising security and the ability to customize the platform to the company’s specific needs,” founder and CEO Jakob Lilholm stated, highlighting the critical nature of their mission in the current regulatory climate.
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