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Thursday, June 20, 2024

Estonia-based, Iranian-founded startup Formaloo raises €2 million


Formaloo, an innovative no-code startup hailing from Estonia, has successfully concluded a seed funding round, raising an impressive €2 million. Leading the investment charge is Change Ventures, with participation from notable investors including Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.

The brainchild of serial entrepreneur Farokh Shahabi, Formaloo addresses a pressing need in the market – the ability for professional teams to effortlessly construct business applications without the need for complex coding. “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,” remarks Greg Barnes, Partner at Hyde Park Venture Partners, expressing enthusiasm for the platform’s innovation.

Traditionally, the task of creating software often remained confined to a minority versed in coding. Formaloo shatters this limitation, democratizing software development. The Estonian startup provides a freemium no-code collaborative platform, an adaptable tool that combines forms, apps, and databases. This innovation aids small teams in reducing their dependence on multiple enterprise software subscriptions, streamlining efficiency and cost-effectiveness.

Formaloo’s platform empowers users to efficiently collect, organize, and transform company data into custom business applications and customer engagement tools. Integration with popular platforms such as Slack, Google, and Microsoft enables seamless data management. With a user-friendly interface reminiscent of playing with Legos, users can create dynamic databases through simple drag-and-drop actions.

Established in 2020, Formaloo embodies a ‘build in public’ ethos, actively engaging its growing community of citizen developers exceeding 25,000 members. These ambassadors contribute templates, tutorials, and insights, fostering a vibrant ecosystem around the platform’s growth.

Farokh Shahabi, CEO and Co-founder of Formaloo, along with his four co-founders, brings a wealth of entrepreneurial experience to the venture. Overcoming challenges stemming from their origins in Iran, a nation not traditionally associated with global startup success, the team has propelled Formaloo into a position of prominence within the no-code sector.

Shahabi elaborates, “Our goal is to democratize software development. Everyone can be a developer with Formaloo! With this investment, Formaloo will become a workspace hub… create any kind of applications they want in a matter of minutes, not months.” The study by Formaloo reveals substantial average time savings of 19 hours per week, per team, with enhanced workflow efficiency and data security.

Formaloo’s impact reverberates across borders, with more than 650,000 databases and business apps already deployed worldwide. Clients include notable names like Meta, Bolt, and McDonald’s. The platform, targeting a market value of $46 billion, is set for aggressive expansion through vigorous marketing initiatives in existing markets and English-speaking countries.

With the investment injection, Formaloo’s trajectory anticipates reaching 100,000+ businesses by the close of 2023. The company’s vision, shaped by the passion of its founders and an ever-growing community, aims to make “no-code” synonymous with empowerment and innovation in the realm of software development.

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