Estonia-based, Iranian-founded no-code collaboration platform startup Formaloo, whose 25,000 customers include Bolt, Meta and McDonald’s, has closed a seed round of €2 million.
The investment round was led by Change Ventures, with other investors including Hyde Park Venture Partners, Mana Ventures and Startup Wise Guys, according to the company.
Formaloo’s four-strong team from Iran began operations in Tallinn after their home country shut down the internet for ten days just as the team was launching the company. The company has offices in Toronto and Tallinn.
Its no-code collaboration platform for creating business applications allows small teams to reduce the software subscriptions they pay for in order to build applications for managing their business processes.
So far, over 650,000 applications and databases have been created on the Formaloo platform founded in 2020, and the platform is actively used in the United States, Germany, France, India, Australia and Southeast Asia.
Funds to start marketing in existing and new markets
While the company has so far grown without relying on marketing, with the support of the investment, Formaloo will start rapid growth through marketing activities in existing and new English-speaking markets. In five years, Formaloo aims to reach 10 million customers and become the first comprehensive codeless ecosystem, according to the company.
“Our big goal is to enable everyone to develop software without any knowledge in this field. The investment will help us become a central platform that connects both the tools created by Formaloo itself and other popular code-free tools for creating applications,” a co-founder and the CEO of Formaloo, Farokh Shahabi, said.
According to the company’s website, its customer data platform helps “businesses gather all their customer data from each and every platform they use, and automatically analyses the data to give them understandable and actionable insight into their business and customers”.
