When was Formalize founded?

Formalize was founded in 2021 and raised its 1st funding round 1 year after it was founded.

Where is Formalize located?

Formalize is headquartered in Aarhus, Denmark.

Who is the current CEO of Formalize?

Jakob Lilholm of Formalize. They have also founded 1 company.

Which legal entities is Formalize associated with?

Formalize is associated with Whistleblower Software ApS.

How many employees does Formalize have?

As of Jun 30, 2026, the latest employee count at Formalize is 235.

Is Formalize a funded company?

Formalize is a funded company, having raised a total of $51.2M across 3 funding rounds to date. The company's 1st funding round was a $***** Seed round, raised on Nov 2022.

When was the latest funding round of Formalize?

Formalize's latest funding was a $***** Series B round on Oct 28, 2025, with participation from 4 investors.

Where does Formalize rank among its competitors?

Formalize ranks 17th amongst 1187 active competitors, of which 128 are funded. It stands 6th in terms of total funding among its competitors. The most recent competitor to raise funding was Behavox, which secured $175M in Jun, 2026.

Who are the top competitors of Formalize?

Formalize's top competitors include Behavox, OnFinance AI and Thoropass. Among them, Behavox secured the most recent funding round in June, 2026.

Formalize - 2026 Company Profile, Team, Funding & Competitors

Company Details

GRC and privacy automation management solutions for businesses. It manages various aspects of compliance, including governance, task management, policies and procedures, risk management, information security management, supplier assessments, audits, data flows, incident tracking, data insights, and reporting. It streamlines compliance workflows and manages GDPR, risk, and audit processes.

Website: formalize.com/en
Email ID: *****@formalize.com
Phone Number: +45 **********

Key Metrics

Founded Year

2021

Location

Aarhus, Denmark

Stage

Series B

Total Funding

$51.2M in 3 rounds

Latest Funding Round

Series B, Oct 28, 2025, $*****

Investors

BlackFin & 3 more

Ranked

17^th among 1187 active competitors

Employee Count

235 as on Jun 30, 2026

Similar Companies

Behavox & 1348 more

View Formalize's full profile

Formalize is associated with 1 legal entity given below:

Legal Entity Name	Date of Incorporation	Revenue	Latest Employee Count	Documents
Whistleblower Software ApS CIN: 42045136 , Denmark, Active	Jan 20, 2021	-	67 (As on Dec 31, 2024)

Formalize has raised a total funding of $51.2M over 3 rounds. Its first funding round was on Nov 2022. Its latest funding round was a Series B round on Oct 28, 2025 for $*****. 4 investors participated in its latest round. Formalize has 4 institutional investors.

Here is the list of recent funding rounds of Formalize:

Date of Funding	Funding Amount	Round Name	Post-Money Valuation	Revenue Multiple	Lead Investors	Other Investors
Oct 28, 2025	7385015	Series B	7764887	7248166	2927807	2644698
Mar 05, 2024	1844606	Series A	7616726	7640529	3879562	BlackFin
Nov 2022	7380762	Seed	2202204	9609330	2750368	5288915

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View details of Formalize's funding rounds and investors

The founders of Formalize are Magnus S and Jakob Lilholm. Jakob Lilholm is the CEO of Formalize.

Here are the details of Formalize's key team members:

Magnus S: Co-Founder of Formalize.
Jakob Lilholm: Co-Founder & CEO of Formalize and founder of 1 other company.
Contact Info: 1 email address

View details of Formalize's Founder profiles and Board Members

Formalize's employee count trend

Formalize has 235 employees as of Jun 26. Here is Formalize's employee count trend over the years:

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Top competitors of Formalize include Behavox, OnFinance AI and Thoropass. Here is the list of Top 10 competitors of Formalize, ranked by Tracxn score:

Rank	Company Details	Short Description	Total Funding	Investors	Tracxn Score
1st	Behavox 2014, London (United Kingdom), Series C	Provider of AI-driven platform for regulatory compliance and risk management	$343M	SoftBank Vision Fund, Citi & 31 others	72/100
2nd	OnFinance AI 2023, Bengaluru (India), Seed	Developer of artificial intelligence agents for automated regulatory compliance management	$5.25M	Haystack, Indian Angel Network & 72 others	67/100
3rd	Thoropass 2019, New York City (United States), Series C	Platform offering integrated compliance management solutions	$98M	Fin Capital, Canapi Ventures & 14 others	63/100
4th	Secureframe 2020, San Francisco (United States), Series B	Cloud-based compliance management solution provider	$79M	Kleiner Perkins, Base10 Partners & 38 others	63/100
5th	Hyperproof 2018, Bellevue (United States), Series B	Integrated compliance management software	$66.5M	Riverwood Capital, Toba Capital & 2 others	63/100
6th	Truv 2020, Miami (United States), Series A	Cloud-based platform for employee background verification	$28.5M	Kleiner Perkins, Chapter One & 7 others	61/100
7th	Secfix 2020, Munich (Germany), Series A	Provider of data encryption and security solution provider	$15.8M	neosfer, Alstin Capital & 7 others	61/100
8th	Wealthbox 2012, Providence (United States), Series B	Cloud-based CRM solution for financial advisors	$231M	Sixth Street, Sixth Street Growth & 1 others	60/100
9th	Greenboard 2023, Austin (United States), Series A	Provider of intelligent tools for financial compliance solutions	$20M	Base10 Partners, Commerce Ventures & 8 others	60/100
10th	Spektr 2023, Copenhagen (Denmark), Series A	Compliance management solutions for businesses	$26M	New Enterprise Associates, Northzone & 2 others	59/100
17th	Formalize 2021, Aarhus (Denmark), Series B	GRC and privacy automation management solutions for businesses	$51.2M	Acton Capital, Canadian Imperial Bank of Commerce ... & 2 others	57/100