Tallinn-based Formaloo raises €2 million to expand its no-code platform as it makes plans to tackle the UK and Canada

Tallinn-based no-code start-up Formaloo offers professional teams a collaboration platform for building business apps - like building something with lego except you are building forms, apps, and databases, not the Millennium Falcon.

The Iranian founding team of Farokh Shahabi, Noosh Baratpour, Hasan Noori, and Amir Hashemi, previously developed and sold data mining tools for clients - one client asked for new modules on a nearly daily basis proving a costly and time-consuming exercise. To solve this, the team developed software giving their clients the chance to create new applications independently. After the solution was found to be a huge hit the team decided to make it formal and Formaloo was born in 2020. 

"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.

Formaloo integrations to tools such as Slack, Google, and Microsoft, so the Formaloo platform lets users create databases and easily add interfaces by dragging and dropping building blocks. Creating a community of citizen developers, Formaloo has 25,000+ users who also actively participate in the platform's development process. The company includes Bolt, Meta, and McDonald´s on its client roster. 

The start-up has raised a €2 million Seed round, led by Change Ventures and includes Hyde Park Venture Partners, Mana Ventures, and Startup Wise Guys.  

“Formaloo is a standout in the no-code market, offering business users a way to build powerful applications with outstanding collaboration and data access management. We're thrilled to be involved and supporting the Formaloo team,” says Greg Barnes, Partner at Hyde Park Venture Partners. 

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.

“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,” says Shahabi.

"Formaloo aims to be more than just yet another no-code platform. Our goal is to establish a comprehensive no-code ecosystem, where every no-code developer can bring their ideas to life using a unified set of tools. Not just Formaloo, but all of their favourite tools, together," he adds. 

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