Denmark’s Formalize raises €15M to become Europe’s leading compliance software
Summary
Formalize, currently with 90 employees in Aarhus, Copenhagen, and Madrid, is expanding to Milan this year and aims to nearly double its workforce. Founder Lilholm says, “We are delighted to close our round with an investor who shares our ambition to become the leading compliance software provider in Europe. BlackFin, an investment firm specialising in financial services and compliance technology, manages assets of over €3.5B. Michele Foradori, Investment Director at BlackFin, says, “With the increased demands being placed on organisations across the EU, the potential to automate compliance processes and reporting is huge.” “Formalize has proven with its whistleblower software that they can create a user-friendly and market-leading product, bringing every professional closer to a work life where they can save time while always staying on top of compliance and regulatory requirements.” Founded in 2009, BlackFin Capital Partners operates from offices in Paris, Frankfurt, Amsterdam, Brussels, and London. Since its last funding in November 2022, the company claims to have witnessed a fivefold increase in annual recurring revenue and expanded its workforce from 20 to 90 employees.