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Estonian startup Formaloo founded by Iranians raises €2M for its no-code collaboration platform

Formaloo founders
Picture credits: Formaloo

Every business is unique, and companies need custom solutions to be more efficient, but coding to create software is limited to a small minority. Estonian startup Formaloo aims to give everyone the powers of a developer. 

Raises seed funding 

The no-code startup, which offers professional teams a collaboration platform for building business apps, has closed a seed round of €2 million in a round led by Change Ventures (which backed RecruitLab, Aerones, and Eurora). Other investors in the round include Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.

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.

Greg Barnes, Partner at Hyde Park Venture Partners said, “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. We’re thrilled to be involved and supporting the Formaloo team.”

Farokh Shahabi, co-founder and CEO of Formaloo added, “We have one goal in mind. We want to democratize software development. Everyone can be a developer with Formaloo! Our goal is to establish a comprehensive no-code ecosystem, where every no-code developer can bring their ideas to life using a unified set of tools. Not just Formaloo, but all of their favorite tools, together.” 

Rait Ojasaar, Investment Partner at Change Ventures stated, “When we first met with the founders of Formaloo, it was not only their impressive traction that immediately captured our attention but also the multitude of obstacles they had managed to overcome despite their limited resources. From their relocation to Estonia to their successful acquisition of thousands of users, and their compelling articulation of the grand vision for Formaloo, their journey was nothing short of remarkable. A true testament of grit, urgency, and resourcefulness.”

Expansion plans 

The investment will take the company to a new era of rapid expansion through vigorous marketing efforts in existing markets, as well as in the 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 that can turn anyone into a developer.

With over 650,000+ databases and business apps already created on Formaloo, the company is actively used in the US, Germany, France, India, Australia, and South-East Asia. In just under two years Formaloo has amassed a staggering monthly customer base of over 25,000 companies, counting noteworthy clients such as Meta, Bolt, and McDonald’s.

Formaloo targets a $46 billion market, focusing on SMBs and SMEs with up to 500 employees, globally. Created by a team of serial entrepreneurs and data analytics experts, the platform is on track to reach over 100K businesses by the end of 2023.

No-code collaboration platform

Formaloo was created in 2020 by a team of data analytics experts and college friends from Iran who immigrated to Estonia. The team includes Amir Hashemi, Farokh Shahabi, Hasan Noori, and Noosh Baratpour. 

The no-code collaboration platform enables anyone to build custom business applications, internal tools, and customer engagement tools fast and code-free. The platform provides tools to collect, organise, and store data. Teams can easily collaborate, manage their apps, and engage their customers on the platform.

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