Change Ventures leads, SWG participates in €2 million Seed round for Formaloo

Photo: Formaloo founders Noosh Baratpour (CMO), Hasan Noori (CTO), Amir Hashemi (CIO), Farokh Shahabi (CEO)

Change Ventures leads €2 million Seed round for Formaloo, a Tallinn-based no-code start-up which offers professional teams a collaboration platform for building business apps. Investors participating in the round include Startup Wise Guys, Hyde Park Venture Partners and Mana Ventures.
Formaloo provides a free collaborative platform that requires no coding. Their versatile tool combines forms, apps, and databases to assist small teams in reducing their expenses on enterprise software subscriptions. 

Formaloo says more than 650,000 databases and business apps have already been created on the platform and it has clients in the US, Germany, France, India, Australia, and South-East Asia. Funds will see Formaloo ramp up its marketing efforts in existing markets, as well as in the UK and Canada.

Farokh Shahabi, the CEO of Formaloo, said, “We have one goal in mind. We want to democratise software development. Everyone can be a developer with Formaloo 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.”

The new €2 million investment will play a pivotal role in empowering Formaloo to reach new heights and continue revolutionizing the world of no-code development.

"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,” says Rait Ojasaar, Investment Partner at Change Ventures.

Read more:


Photo credit: Daniela Cuevas on Unsplash;

Share this