Formaloo, an Estonian no-code startup that provides professional teams with a platform for collaboration while creating business apps, has closed a seed round of €2 million that was primarily led by Change Ventures. Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys are among the group of investors.
“Formaloo is a standout in the no-code market, offering business users a way to build powerful applications with outstanding collaboration and data access management,” says Greg Barnes, Partner at Hyde Park Venture Partners. We’re pleased to be a part of and help the Formaloo team.
Every organization is different, and companies require specialized solutions to operate more effectively. However, only a small percentage of people have the skills to code software. Everyone can become a developer thanks to Formaloo.
A flexible tool that integrates forms, apps, and databases, this Estonian business offers a freemium no-code collaborative platform. It enables small teams to pay for fewer business software subscriptions overall.
Users of Formaloo may gather and organize their business data, then utilize it to create unique business apps and customer interaction solutions. The Formaloo platform, which has connectors with numerous well-known tools like Slack, Google, and Microsoft, enables users to build robust databases and quickly add interfaces by dragging and dropping building blocks, just like when playing with Legos.
Formaloo, a 2020 startup, actively engages its 25,000+ users through its ‘create in public’ methodology, building a quickly growing network of citizen developers. This group of Formaloo ambassadors actively contributes to the platform’s growth in addition to sharing templates and tutorials.
Serial entrepreneur Farokh Shahabi, co-founder and CEO of Formaloo, launched his first business at the age of 17. Before launching Formaloo with his co-founders, he had two exits and M&A expertise under his belt. The four co-founders of Formaloo are all Iranian, a country that isn’t often associated with strong international enterprises. The business has surmounted various obstacles to soar in the no-code sector.
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We have a single objective in mind, Shahabi says. Software development will become more democratic. Formaloo makes anyone a developer possible! With this investment, Formaloo will develop into a workspace center where business users can access all of their resources on a single platform and quickly and easily create any kind of application they desire. As opposed to merely another no-code startup, Formaloo strives to be more. Our objective is to create a complete no-code ecosystem where each no-code developer may use a common set of tools to realize their ideas. Not just Formaloo, but also all of their collective favorite tools.
According to a recent Formaloo study, moving to the Formaloo platform can save teams an average of 19 hours each week. Additionally, Formaloo facilitates real-time collaboration, lessens dataset duplication, and improves processes and marketing. To provide its customers with complete control over the security of their data, Formaloo has alternatives for data storage and offers sophisticated access management.
Formaloo, a No-Code startup has previously produced more than 650,000 databases and business apps, and it is being used in the US, Germany, France, India, Australia, and South-East Asia. Formaloo has acquired a phenomenal monthly customer base of over 25,000 businesses in just under two years, including illustrious clients like Meta, Bolt, and McDonald’s.
According to Rait Ojasaar, an investment partner at Change Ventures, “When we initially met with the founders of Formaloo, it wasn’t just their outstanding traction that caught our attention, but also the vast number of challenges they had managed to overcome despite their minimal resources. Their story was nothing short of spectacular, from their move to Estonia to their successful acquisition of thousands of customers to their persuasive articulation of the big picture for Formaloo. A real example of resolve, haste, and creativity.
With a global focus on SMBs and SMEs with up to 500 employees, Formaloo targets a $46 billion market. The platform, which was developed by a group of experienced data analysts and serial entrepreneurs, is expected to serve more than 100,000 firms by the end of 2023.
Through aggressive marketing campaigns in current regions as well as the UK, Canada, and other English-speaking nations, the investment will usher in a new phase of the company’s rapid expansion. Formaloo wants to have 10 million customers and become well-known for its no-code environment, which enables anyone to become a developer, in five years.
