Whistleblower Software Rebrands as Formalize, Secures $16M for Compliance Expansion
Danish startup Whistleblower Software has officially rebranded as Formalize as it expands into the broader compliance software market. The company recently secured €15 million ($16 million) in fresh funding to fuel this strategic shift.
The Booming Compliance Software Market
The compliance software sector is experiencing rapid growth, driven by increasing regulatory pressures worldwide. Recent developments highlight this trend:
- Private equity firm Thoma Bravo acquired German compliance software company EQS Group for $435 million
- Startups like Cypago, Hyperproof, Certa, and Anecdotes have raised significant funding rounds
- The global Governance, Risk, and Compliance (GRC) market is valued at $54 billion
“The compliance software market is booming, driven by the EU’s robust regulatory agenda,” said Formalize CEO Jakob Lilholm. “While compliance benefits society, it can burden companies without efficient management tools.”
Formalize founders (L-R): Kristoffer Abell (CTO), Jakob Lilholm (CEO), and Magnus Boye (Lead Developer). Image Credits: Formalize
From Whistleblowing to Comprehensive Compliance
The Whistleblowing Foundation
Formalize launched in 2021 following the EU’s Whistleblowing Directive, which required companies to implement internal reporting systems. Key features of their initial offering:
- Anonymous written reporting for employees
- Voice distortion technology for oral reports
- Compliance with EU regulations for companies with 50+ employees
Notable clients include McDonald’s, Gap, and ABN AMRO.
Expanding Beyond Whistleblowing
With this new funding, Formalize is developing a comprehensive compliance platform that will:
- Centralize compliance management
- Automate regulatory workflows
- Integrate with existing systems (CRMs, supplier databases)
- Support GDPR and upcoming NIS2 cybersecurity regulations
“Each new law requires time to implement,” Lilholm noted. “Effectively managing regulations provides a competitive advantage.”
Why the Rebrand?
The shift from Whistleblower Software to Formalize reflects:
- Expansion into broader compliance solutions
- Alignment with evolving regulatory requirements
- Positioning for the lucrative GRC market
“Whistleblowing helps detect noncompliance, while other compliance areas define new organizational standards,” explained CTO Kristoffer Abell.
Funding Details
The €15 million Series A round was led by:
- BlackFin Capital Partners (France)
- West Hill Capital (UK) - returning investor from the seed round
This investment will accelerate product development and market expansion as Formalize positions itself as a leader in the growing compliance software sector.
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