Loading organizations...
Based in Aarhus, Denmark, Formalize provides a compliance operations platform that automates workflows for regulatory frameworks such as GDPR, NIS2, DORA, and ISO 27001. Originally launched as a dedicated whistleblowing software tool, the company now operates a broader software-as-a-service model that serves over 8,000 organizations across approximately 80 different countries. This strategic expansion has made its governance, risk, and compliance tools accessible to more than five million employees globally. The platform's enterprise client base and consultancy network feature prominent corporate customers and strategic partners, including Starbucks, McDonald's, and PwC. Formalize has successfully raised €50 million in total venture capital funding to date, backed by lead investors BlackFin Tech and Acton Capital, while growing its workforce to over 90 employees. The organization was officially founded in 2021 by Jakob Lilholm, Magnus Boye, and Kristoffer Abell.
Formalize has raised $54.3M across 3 funding rounds.
Formalize has raised $54.3M in total across 3 funding rounds.
Formalize has raised $54.3M across 3 funding rounds. Most recently, it raised $35.0M Series B in October 2025.
| Date | Round | Lead Investors | Other Investors | Status |
|---|---|---|---|---|
| Oct 1, 2025 | $35M Series B | Acton Capital Partners, Michele Foradori | Matrix, CIBC Innovation Banking, West Hill Capital | Announced |
| Mar 4, 2024 | $16.3M Series A | Michele Foradori | West Hill Capital | Announced |
| Oct 5, 2022 | $3M Seed | West Hill Capital | Morten Brgger | Announced |
Formalize is a Denmark-based compliance software company that provides an all-in-one platform for governance, risk, and compliance (GRC), specializing in automating workflows for EU regulations like GDPR, NIS2, DORA, and ISO 27001.[1][2][3][4] It serves over 8,000 organizations, including SMEs, consultancies, and law firms, covering more than 5 million employees, by streamlining document management, risk/incident handling, supplier audits, and whistleblower reporting to replace inefficient tools like Excel.[1][2][3][4] With 51-200 employees and revenue between $10M-$50M, Formalize demonstrates strong growth, evidenced by $16M in Series A funding (March 2024) and €30M in Series B (October 2025), fueling European expansion.[1][2]
Founded in 2021 in Middle Jutland, Denmark (originally as Whistleblower Software), Formalize emerged to address the growing complexity of compliance for businesses navigating EU regulations.[1][4][5] CEO and co-founder Jakob Lilholm leads the team, focusing on user-friendly, secure software that automates GRC processes from the start.[2][4] Early traction came from its whistleblower platform, evolving into a full compliance operations system; pivotal moments include securing €15M ($16M) Series A in March 2024 and rapid adoption by thousands of organizations, culminating in the €30M Series B in October 2025 co-led by Acton Capital and BlackFin Tech.[1][2]
Formalize rides the wave of intensifying EU regulatory demands (e.g., GDPR, NIS2, DORA), where compliance shifts from optional to essential amid rising cyber threats and data privacy scrutiny.[2][4] Timing is ideal as SMEs face resource constraints in adapting to these frameworks, with Formalize's automation turning regulatory burdens into competitive advantages via AI and scalable workflows.[2] Market forces like digital transformation and enforcement actions favor RegTech leaders; Formalize influences the ecosystem by enabling thousands of businesses to build resilience, partnering with consultancies, and expanding across Europe.[1][2][5]
Formalize is primed for dominance in European SME compliance, leveraging its €30M Series B to accelerate AI enhancements and market penetration amid evolving regs like NIS2.[2] Trends such as AI automation and stricter enforcement will propel growth, potentially expanding to new regions or verticals while deepening its InfoSec ecosystem. Its influence may evolve from whistleblower specialist to GRC market leader, simplifying compliance as a core business enabler—just as it began by tackling documentation chaos for millions of employees.[1][2][4]
Formalize has raised $54.3M in total across 3 funding rounds.
Formalize's investors include Acton Capital Partners, Michele Foradori, Matrix, CIBC Innovation Banking, West Hill Capital, Morten Brgger.
