Formalize raises €15million in a round led by BlackFin Capital Partners at a 3.1x premium to the initial West Hill round

Having achieved very substantial revenue growth last year and following the completion of the €15million equity round, Formalize (previously Whistleblower Software), has announced the successful launch of its next generation regulatory technology platform, designed to transform compliance operations for corporate customers worldwide. 

During the fundraising process, the Company received numerous approaches from VC investors, prior to agreeing terms with BlackFin Capital Partners, with whom West Hill coinvested at a 3.1x premium to the initial West Hill funding round in 2022. 

Substantial growth in ARR is again envisaged this year as the Company’s offering is materially extended with the launch of the new Formalize software. In parallel with the continued rollout of the Company’s market leading whistleblowing solution, this will potentially propel revenues as the Company addresses the global risk and compliance market (estimated to be worth €55billion per annum by 2026).

The Formalize platform automates compliance operations across various regulations, enabling corporates to meet increasingly complex new regulations within a single integrated platform. The platform is designed to enable corporate to manage their compliance operations from an intuitive, user friendly and highly customisable central hub, automating compliance related processes to meet each organisations unique requirements. 

Having already delivered a market leading whistleblowing software solution to 450 corporates across 80 countries, the capital raised in this round provides resources to rollout the Formalize platform with the aim of becoming a global leader, propelling the industry forward. 

CEO of Formalize, Jakob Lilholm, commented:

‘Due to the increased 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 customise the platform to the company’s specific needs.’

Investment Director at BlackFin commented:

‘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.’