Copenhagen-based compliance software company Formalize has raised €30 million in a Series B funding round, bringing its total funding to €50 million. The round was co-led by Acton Capital and BlackFin Tech.
- Launched in 2021 by Jakob Lilholm, Magnus Boye, and Kristoffer Abell, Formalize develops a platform to help small and medium-sized enterprises (SMEs) across Europe manage complex regulatory and risk requirements.
- The software consolidates multiple compliance standards, including GDPR, NIS2, DORA, ISO 27001, and whistleblowing regulations, into a single system that automates workflows, tracks implementation, and maintains structured records of compliance activities.
- Formalize’s platform allows organizations to manage governance, risk, and compliance processes by automating supplier audits, handling data subject requests, maintaining records of processing activities, tracking incidents, and generating dashboards for reporting.
- The system supports multiple organizational units and frameworks, offering role-based access control and the ability to integrate with existing documentation.
- Since its founding, Formalize has expanded its customer base to over 8,000 organizations and more than 850 consultancies and law firms, with offices in Copenhagen, Aarhus, Madrid, and Milan.
Details of the deal
- The Series B round was co-led by Munich-based Acton Capital and French firm BlackFin Tech, with support from West Hill Capital and CIBC Innovation Banking.
- Formalize plans to use the fresh capital to strengthen its position as Europe’s leading compliance operations platform by expanding its presence in key markets such as DACH and France, opening new offices, growing local teams, enhancing its product, and scaling its platform to support more SMEs across Europe.
“This funding round reflects the strong momentum Formalize has built across Europe and the confidence investors have in our execution. We’ve shown that compliance is mission-critical for businesses of all sizes, and this capital allows us to continue scaling with discipline, strengthening our product and expanding our European footprint," claims Christian Jessen, CFO of Formalize.
