Formaloo, a no-code startup based in Tallinn, Estonia, has successfully closed a seed round of €2 million in funding. The round was led by Change Ventures, with participation from Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.
Formaloo offers a collaboration platform for professional teams to build business apps without the need for coding expertise. The company aims to democratize software development by providing powerful tools that allow anyone to create custom business applications and customer engagement tools.
The Estonian startup’s freemium no-code platform combines forms, apps, and databases, helping small teams reduce their reliance on multiple enterprise software subscriptions. With integrations to popular tools like Slack, Google, and Microsoft, Formaloo enables users to easily create databases and add interfaces by dragging and dropping building blocks.
Founded in 2020, Formaloo actively involves its rapidly expanding community of citizen developers through a build in public approach. Its community shares templates, tutorials, and actively participates in the platform’s development process.
Farokh Shahabi, Co-founder and CEO of Formaloo, believes that their ultimate goal is to democratize software development. With their latest investment, Formaloo aims to become a workspace hub, providing business users with a unified platform to access their tools and create custom applications in minutes.
Formaloo has already achieved significant traction, with over 650,000 databases and business apps created on their platform. It is actively used by more than 25,000 companies worldwide, including notable clients such as Meta, Bolt, and McDonald’s.
The recent funding will enable Formaloo to expand its marketing efforts and further penetrate existing markets, as well as target English-speaking countries like the UK and Canada. The company aspires to have 10 million clients and become the go-to platform for a comprehensive no-code ecosystem.
Investment Partner Rait Ojasaar at Change Ventures praised Formaloo’s remarkable journey and their ability to overcome obstacles despite limited resources. He emphasized their grit, urgency, and resourcefulness.
With their platform delivering proven average savings of 19 hours per week, Formaloo offers businesses increased efficiency, streamlined workflows, and real-time collaboration. The company also prioritizes data security, providing advanced access management and control over customer data.
By focusing on small and medium-sized businesses with up to 500 employees globally, Formaloo targets a market valued at $46 billion. Their team of serial entrepreneurs and data analytics experts is on track to reach over 100,000 businesses by the end of 2023.
Formaloo’s success in securing seed funding highlights the growing popularity of no-code platforms and the increasing demand for personalized, efficient business applications. With their vision of democratizing software development, Formaloo aims to empower all users to unleash their creativity and transform their ideas into powerful applications.
