Formalize
👤 Jakob Lilholm (CEO and co-founder; three young Danes launched in 2021, timed to the exact quarter the EU directive created the market.)🌐 siteLinkedIn
Formalize started as Whistleblower Software in 2021, riding an EU directive that made report channels mandatory.
Will it work? · our read
Law-made demand. But whistleblowing is a low-price commodity a dozen rivals sell off the same law. The real bet is expanding into a full GRC platform before that first product peaks.
01How the money moves
EU law forces 50+ firms to add a report channel
→
500+ auditors and law firms resell it to clients
→
Clients pay an annual per-seat subscription
02The numbers
$16.9M
est. ARR (2025)
getlatka
8,000+
firms in 80+ countries
formalize
5x+
ARR growth, about 2 yrs
EU-Startups
Traction is company-stated; the ARR figure is a third-party estimate, not an audited filing.
About $16.9M est. ARR; €30M ($33M) Series B raised Oct 2025.
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TechCrunch — rebrand to Formalize + $16M raise (2024)EU-Startups — Series A, 5x+ ARR growth, clientsTech.eu — €30M Series B, 8,000+ customers (2025)getlatka — est. $16.9M ARR (estimate)Formalize — reseller / partner program
Revenue is an estimate: getlatka pegs about $16.9M ARR (2025); Formalize does not publish audited figures, so tagged Estimate and not independently confirmed. Documented first-party/press facts: founded 2021 in Aarhus on the EU Whistleblower Directive (2019/1937); company-stated 5x+ ARR growth since Nov 2022; €15M (about $16M) Series A (2024) and €30M (about $33M) Series B (2025); 8,000+ customers including Starbucks and McDonald's; 500+ consultancy resellers. The commoditization / S-curve risk is not invented — the CEO frames product-#2 timing as the core bet in his own SaaSiest podcast interview. No numbers fabricated. We never score you.