Estonian customer data platform Formaloo raised €2M
Estonian code-free platform for building business applications Formaloo raised €2M from Estonian VC and accelerator Startup Wise Guys, US Hyde Park Venture Partners, and a San Francisco-based VC firm Mana Ventures. Estonian Change Ventures led this round.
Formaloo was founded in Tallinn in 2020 by serial entrepreneurs Farokh Shahaabi, Noosh Baratpour, @hasanoori Hasan Noori, and Amir Hashemi. Formaloo helps businesses gather all the customer data from every platform they use, and automatically analyze the data. The platform connects businesses to popular tools such as Slack, Google, and Microsoft, and allows them to create the necessary databases, as well as add various interfaces. Formaloo allows to build applications, customer portals, and internal tools, and create forms, quizzes, and surveys without a code. Businesses can pick from hundreds of free templates, and add questions to the quizzes or surveys. They need to copy the code of the application template and paste it into their website. Businesses can use these tools to collect leads, get customer feedback, or run employee engagement surveys.
The company has 25K clients in the US, Germany, France, India, Australia, and South East Asia, including Bolt, Meta, and McDonald's. Over 650K apps and databases have already been created on the Formaloo platform. The startup has offices in Toronto and Tallinn.
Formaloo will use the investment for further growth. It aims to run a marketing campaign in existing and new English-speaking markets.
Change Ventures is an Estonian pre-seed/seed stage venture capital fund, that backs startups founded by Baltic entrepreneurs. It has invested in over 30 startups. The fund was established by entrepreneurs Andris K. Berzins, Rait Ojasaar, and Yrjö Ojasaar in Tallinn in 2017. In May, it launched a €20M Fund III to double down on pre-seed investing in startups founded by Baltic entrepreneurs. The initial ticket size of the fund is between €100K to €500K.
Launched in 2012, Estonian Startup Wise Guys is an accelerator that invests in early-stage startups from the Baltic, Central European, and African regions. It has invested in more than 350 startups and had 13 exits. It invests money from more than 150 investors. The company typically invests up to €500K per startup through various funds that manage in total €45M.
