Danish startup Whistleblower Software is rebranding as Formalize as it expands into the broader compliance software sphere — and it has raised a fresh €15 million ($16 million) to fund the expansion.
The compliance software market is booming, driven by regulatory pressure, with investors showing interest. Formalize aims to capture a slice of the $54 billion GRC (governance, risk, and compliance) market.
Formalize offers solutions to help companies manage compliance efficiently in the face of increasing regulations, like GDPR and cybersecurity laws.
Formalize founders Kristofer Abell (CTO), Jakob Lilholm (CEO), and Magnus Boye (lead developer) Image Credits: Formalize
Whistleblow while you work
Formalize emerged after the implementation of Europe’s new whistleblowing directive, providing companies with systems to enable safe and confidential reporting of corporate wrongdoings.
Big-name companies like McDonald’s and Gap are among Formalize’s customers, utilizing its whistleblowing software to maintain ethical standards.
Whistleblower Software Image Credits: Formalize
Compliant
With fresh funding, Formalize plans to expand its offerings beyond whistleblowing software to a comprehensive compliance platform, aiding companies in navigating GDPR and cybersecurity laws.
Formalize dashboard Image Credits: Formalize
Formalize’s compliance platform integrates with other systems like CRMs, providing a centralized interface for conducting risk assessments and incident reports.
Formalize is changing its name to align with its expanded focus on compliance solutions and has secured funding from investors like BlackFin Capital Partners and West Hill Capital for its growth.
