Tallinn-based startup Formaloo has recently secured 2 million euros in a seed round led by Change Ventures. Other participants include Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.
Formaloo provides a collaborative platform that allows professional teams to build custom business applications without the need for coding expertise. The investment will propel the no-code company forward in its mission to make app development accessible to everyone.
Making unique skills accessible
Formaloo’s main idea is that business is unique and requires tailored solutions to enhance efficiency. However, coding skills are limited to a small minority of individuals. The startup aims to democratise software development by empowering individuals without coding experience to build their own applications. It offers a freemium no-code collaborative platform that combines forms, apps, and databases and integrates with the most popular business apps.
Founded in 2020, Formaloo currently boasts over 25,000 users who contribute to the platform’s development process by sharing templates and tutorials and actively participating in its growth.
Formaloo targets a $46 billion market, focusing on small and medium-sized businesses with up to 500 employees worldwide. With a team of experienced entrepreneurs and data analytics experts at its helm, the company is targeting to reach over 100,000 businesses by the end of 2023. Its next business goal is even more ambitious. The company plans to amass 10 million customers within five years, establishing itself as the go-to name in the no-code ecosystem, where anyone can become a developer.
Farokh Shahabi, co-founder and CEO of Formaloo, is no stranger to entrepreneurship, having launched his first startup at the age of 17 and experienced successful exits and mergers. Shahabi, along with Formaloo’s four co-founders, hailing from Iran, has overcome various challenges to transform the company into a leading player in the no-code industry. “We have one goal in mind. We want to democratise software development. Everyone can be a developer with Formaloo,” he says.
“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.
Estonia is a well-known hub for international founders, and its business-friendly environment and supportive infrastructure have attracted entrepreneurs from around the world. For those who wish to enjoy the Estonian tax system (#1 in OECD) and electronic business solutions, the country offers e-Residency, which has so far attracted over 100 000 entrepreneurial minds from all over the globe.