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.

Which legal entities is Formalize associated with?

Formalize is associated with Whistleblower Software ApS.

How many employees does Formalize have?

As of Jan 05, 2026, the latest employee count at Formalize is 160.

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 43rd amongst 998 active competitors, of which 109 are funded. It stands 7th in terms of total funding among its competitors.

Who are the top competitors of Formalize?

Formalize's top competitors include Symphony, FiscalNote and Behavox. Among them, Formalize secured the most recent funding round in October, 2025.

Formalize - 2026 Company Profile, Team, Funding & Competitors

Formalize is a series B company based in Aarhus (Denmark), founded in 2021 by Magnus S and Jakob Lilholm. It operates as a GRC and privacy automation management solutions for businesses. Formalize has raised $51.2M in funding. The company has 998 active competitors, including 109 funded and 65 that have exited. Its top competitors include companies like Symphony, FiscalNote and Behavox.

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

Ranked

43^rd among 998 active competitors

Employee Count

160 as on Jan 05, 2026

Similar Companies

Symphony & 1131 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 1 institutional investor.

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	8566622	Series B	2140211	2944257	6300515	5394675
Mar 05, 2024	8623885	Series A	9906333	7363021	1804543	BlackFin
Nov 2022	4220434	Seed	8733595	5002514	5343269	4491392

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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.
Contact Info: 1 email address

View details of Formalize's Founder profiles and Board Members

Formalize's employee count trend

Formalize has 160 employees as of Jan 26. Here is Formalize's employee count trend over the years:

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Top competitors of Formalize include Symphony, FiscalNote and Behavox. 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	Symphony 2014, New York City (United States), Series E	Compliance management solutions for financial institutions	$461M	Citadel, Bank of America & 33 others	74/100
2nd	FiscalNote 2013, Washington, DC (United States), Public	AI powered legal regulatory and policy data analysis platform	$188M	Apollo Investment Corporation, New Enterprise Associates ... & 64 others	73/100
3rd	Behavox 2014, London (United Kingdom), Series B	AI-driven compliance and risk management solutions for businesses	$168M	Hercules Capital, Citi & 30 others	70/100
4th	Wolters Kluwer 1836, United States, Public	AI powered enterprise legal management platform	-	Capricorn Partners, Aimforthemoon & 3 others	69/100
5th	Secureframe 2020, San Francisco (United States), Series B	Cloud-based compliance management solution provider	$79M	Kleiner Perkins, Origin Capital & 38 others	66/100
6th	Eqs 2000, Munich (Germany), Acquired	Compliance management platform for businesses	-	Eiffel Investment Group	62/100
7th	Provana 2001, Lisle (United States), Funding Raised	Software for automated compliance management and call center speech analytics	-	Long Ridge	62/100
8th	Duco 2010, London (United Kingdom), Acquired	SAAS reconciliation solution for financial services firms	$35.3M	Eight Roads Ventures, Alibaba & 10 others	61/100
9th	Sedric 2020, Tel Aviv (Israel), Series A	Compliance monitoring tools for financial institutions	$22M	Foundation Capital, American Express & 12 others	59/100
10th	KPA 2000, Lafayette (United States), Acquired	Platform that offers HR management solutions	-	-	59/100
43rd	Formalize 2021, Aarhus (Denmark), Series B	GRC and privacy automation management solutions for businesses	$51.2M	BlackFin	56/100