Formaloo has secured €2 million in a seed round to expand its no-code platform for building applications. The investors include Change Ventures, Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys, Formaloo informed AIN. Capital.
- Established by Farokh Shahabi and Hasan Noori Negherloo, Formaloo offers a no-code collaboration platform that enables to build custom business apps, internal tools, and customer engagement tools. Formaloo’s team claims that its platform helps to save 19 hours per week, per team. In addition, Formaloo has its own data storage options and provides advanced access management for customers.
- Formaloo is used in the US, Germany, France, India, Australia, and South-East Asia. Since launching, more than 650,000 databases and business apps has been already created via the platform. Monthly customer base of Formaloo is over 25,000 companies, among them are Meta, Bolt, and McDonald’s.
- The fresh round was led by Change Ventures, an Estonian VC firm that recently launched its third €20 million fund targeting startups from the Baltic region, and was also joined by Tallinn-based accelerator Startup Wise Guys. In February 2023 it raised €25 million to support B2B SaaS startups from regions such as CEE, Italy, Spain, and Africa.
- The US-based VC firms, Mana Ventures and Hyde Park Venture Partners also participated.
“With this investment, Formaloo will become a workspace hub, which enables business users to access their tools in one single platform and create any kind of applications they want in a matter of minutes, not months,”
Farokh Shahabi, co-founder and CEO of Formaloo commented.
- The startup will use the fresh funds to expand in existing markets, as well as in the UK, Canada, and other English-speaking countries. UK, Canada, and other English-speaking countries. In five years, Formaloo aims to have 10 million clients and become the household name for a no-code ecosystem.
