Danish RegTech startup Formalize raises €30 million as Spain’s national whistleblowing platform expands across Europe
Formalize, a Copenhagen-based compliance software company, has raised €30 million in a Series B funding round to accelerate its mission of becoming Europe’s leading platform for governance, risk, and compliance.
The round was co-led by Acton Capital (DE) and Blackfin Tech (FR), with participation from West Hill Capital and CIBC Innovation Banking. The company has raised a total of €50 million to date and counts more than 160 employees.
“Compliance is no longer optional; it’s essential for doing business. At Formalize, we’re building a future where automation and AI simplify GRC for European SMBs without ever compromising on security or the local expertise that defines us. Our ability to scale and deliver value to thousands of companies places us at the forefront of Europe’s regulatory landscape,” says Jakob Lilholm, CEO and Co-founder of Formalize.
This Series B raised positions the Danish compliance software provider among the leading European GRC (governance, risk and compliance) funding rounds of 2025.
Within this year, Dataships (Ireland) secured €6.8 million to turn data-compliance into an e-commerce growth engine, while Germany’s Sunhat raised €9.2 million for its ESG and non-financial data-compliance platform.
Together, these investments signal sustained momentum in European compliance and regulatory-technology innovation, as investors back platforms that automate risk management and data-protection processes across sectors.
“This funding round reflects the strong momentum Formalize has built across Europe and the confidence investors have in our execution. We’ve shown that compliance is mission-critical for businesses of all sizes, and this capital allows us to continue scaling with discipline, strengthening our product and expanding our European footprint,” says Formalize CFO, Christian Jessen.
Founded in 2021, Formalize is a compliance software company helping businesses navigate complex regulatory and risk requirements. Its platform automates compliance processes for NIS2, DORA, ISO27001, GDPR and more. Formalize serves over 8,000 customers and has offices in Copenhagen, Aarhus, Madrid and Milan.
Since its inception, and strengthened by its Series A in 2024 (as covered by EU-Startups), Formalize has evolved into a trusted solution for more than 8,000 organisations and over 850 consultancies and law firms.
A strong example of this traction is in Spain, where Formalize has been chosen as the national whistleblowing authority, giving millions of employees a secure channel to speak up.
“It’s increasingly hard for small and mid-sized companies in the EU to handle all the requirements imposed on them by regulation. Formalize has impressed us with a superior solution that allows companies to have all processes and data required fully under control. No other solution we looked at got even close to Formalize’s capability to capture the particularities of all countries and industries while keeping the solution easy to handle,” says Fritz Oidtmann, Managing Partner at Acton Capital.
The new funding will enable Formalize to strengthen its position as the go-to compliance operations platform in Europe and scale its presence in key markets such as DACH and France, opening new offices and growing local teams to support customers and partners on the ground.
“At BlackFin Tech, we are more and more convinced that Formalize has assembled the right product and team to own SME compliance in Europe, turning GDPR, NIS2, and DORA into simple, scalable workflows. With stellar growth and AI accelerating adoption, they are in the perfect spot to convert regulatory burden into a competitive advantage,” says Michele Foradori, Managing Director at BlackFin Tech.
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