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Danish Startup Formalize Secures €15M Funding to Cement Position as Europe’s Premier Compliance Software Provider

The European Union’s stringent regulatory requirements have made everyday compliance a complex and time-consuming task for both private and public institutions. Acknowledging this challenge, Formalize (previously known as Whistleblower Software) is on a mission to transform into Europe’s leading compliance software provider.

Founder and CEO Jakob Lilholm emphasizes the shift in compliance dynamics due to increased data regulations from the EU. The conventional approach is no longer sustainable, and Lilholm envisions Formalize as the solution by automating significant portions of compliance processes. This, he believes, will help companies streamline their work without compromising security while allowing customization based on specific company needs.

BlackFin Tech, the lead investor in this funding round, sees immense potential in Formalize and the compliance software market. Michele Foradori, Investment Director at BlackFin, recognizes the significant demands placed on organizations in the EU. The potential to automate compliance processes and reporting is substantial, and BlackFin views Formalize’s track record, especially with its whistleblower software, as a testament to their capability in delivering user-friendly and market-leading products.

Originally known for its whistleblower platform, Formalize has seen remarkable growth since its last investment round in November 2022. The company has quintupled its annual recurring revenue and expanded its team from 20 to 90 employees. The whistleblower platform, now branded as ‘Whistleblower Software by Formalize,’ received acclaim as the leading platform of its kind by G2 in 2023.

Building on its success, Formalize is expanding its platform offering to include data compliance. The new compliance platform aims to cover various regulatory frameworks, including GDPR, NIS2, ISO27001, SOC2, and more. With this expansion, Formalize intends to solidify its position as Europe’s foremost compliance software provider.

Jakob Lilholm expresses excitement about the investment round with an investor aligned with their ambition to lead in compliance software across Europe. The demand for tools simplifying compliance work has never been higher, and Formalize aims to meet and exceed these expectations.

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