Key Takeaways
- Toronto-based no-code startup, Formaloo, closes a $3 million seed round, signaling a positive shift in the software development landscape.
- Formaloo’s intuitive platform offers a playground for non-coders, where they can build custom business apps and customer engagement tools effortlessly.
- The company aims to expand its influence in the no-code ecosystem, targeting a $46B market and aspiring to cater to 10 million clients within five years.
The Dawn of a New Era in App Development
In an ever-evolving digital world, the democratization of software development stands as the cornerstone of progress. Achieving a significant milestone in this arena, Toronto-based no-code startup Formaloo has successfully closed a seed funding round of $3 million. This considerable backing from investor powerhouses, including Change Ventures and Hyde Park Venture Partners, strengthens Formaloo’s expansion strategy and bolsters its position as a trailblazer in the no-code market.
The Power of No-Code
Formaloo offers an intuitive freemium platform that simplifies app development by bridging the gap between professional developers and end-users. The platform combines the functionality of forms, apps, and databases, allowing users to create custom applications by arranging building blocks, much like a child’s play with Legos.
Such an ingenious platform not only empowers small teams to curtail software subscription costs but also turns the concept of “everyone can be a developer” into a reality. The platform’s interoperability with popular tools like Slack, Google, and Microsoft adds to its efficiency, enabling users to create robust databases and interfaces with minimal effort.
Engaging the Citizen Developer Community
One of the most unique aspects of Formaloo’s operation is its commitment to a ‘build in public’ approach. By fostering a vibrant community of citizen developers, Formaloo ensures constant feedback and iterative development of its platform. The active participation of these developers, who contribute templates and tutorials, further fuels the expansion of Formaloo’s ecosystem.
A Paradigm Shift for Businesses
Formaloo’s platform offers significant value to businesses, notably an average time saving of 19 hours per week per team. Furthermore, it provides a streamlined workflow and marketing management, data duplication reduction, real-time collaboration, and advanced access management. The platform’s in-built data storage options ensure the utmost data security, delivering total control to its customers.
Charting the Future Course
With the $3 million seed funding, Formaloo’s ambition to become the go-to workspace hub is on the horizon. As per Formaloo’s CEO, Farokh Shahabi, the company aims to establish a comprehensive no-code ecosystem, enabling business users to create any kind of application in a matter of minutes, not months.
The Inspiring Journey of Formaloo
Formaloo’s journey is remarkable. Led by Farokh Shahabi, a serial entrepreneur with two successful exits and M&A experiences, Formaloo was started by four Iranian co-founders. Today, it serves over 27,000 companies globally, with high-profile clients like Meta and McDonald’s, within just two years of inception.
The company targets a whopping $46 billion market, with a focus on SMBs and SMEs with up to 500 employees. Aiming to reach over 100,000 businesses by the end of 2023, the company plans to utilize the new funding to fuel its growth in existing markets and further expand into the UK, Canada, and other English-speaking countries. By 2028, Formaloo aspires to cater to 10 million clients, positioning itself as the no-code ecosystem’s household name.
About Formaloo
Formaloo is a no-code collaboration platform enabling users to build custom business applications, internal tools, and customer engagement tools swiftly and code-free. Its user-friendly platform provides tools to collect, organize, and store data, and facilitates collaboration, app management, and customer engagement. Formaloo has offices in Toronto and Tallinn, and boasts an impressive list of accolades, including being among the Meta Business Accelerator alumni and winning several startup competitions.
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