Formalize
Formalize sells compliance operations and whistleblower software to businesses, covering over 5 million employees. The Copenhagen-based company has raised $56 million and employs 235 people.
The growth story
Formalize grew from 22 to 235 employees between 2022 and 2026, raising $56M along the way, most recently a Series B in October 2025.
About
Formalize provides software tools for managing compliance processes and whistleblower systems, primarily serving businesses that need to meet regulatory requirements. Its platform is used by organizations with a combined workforce exceeding 5 million employees.
The company has grown to 235 employees since its 2021 founding and secured $56 million in funding, including a Series B round in October 2025. Its investor base includes Acton Capital and BlackFin Capital Partners.
Founders and leadership
Sales is the largest function at Formalize, with 36 employees. The company's leadership team includes Morten Brogger, who is also an investor.
The Formalize org chart
Jakob Lilholm (CEO and Co-founder) leads 60 mapped leaders with 5 direct reports. Click +N to expand a team; names link to the person’s public profile.
Departments, and which ones grew
Headcount by function: Sales 44 (+16% YoY), Customer Success and Support 29 (+26% YoY), Engineering 26 (+136% YoY), Product Management 19 (+58% YoY), Business Development 19 (+90% YoY), Finance 19 (+58% YoY).
Talent flow
Formalize recruits heavily from Aarhus University and Copenhagen Business School, with 21 and 14 alumni respectively. Its workforce includes former employees from Quickorder, Lenus, and Pleo. Alumni frequently move to PriceShape, Salesforce, and the LEGO Group.
Most common previous employers of Formalize staff: Quickorder (4), Lenus (4), Pleo (3), Deloitte (3), Aarhus University (3), NoA Ignite (3). Former Formalize employees most often moved to PriceShape (4), Salesforce (3), the LEGO (2), Cernel (2), Revolut (2), purposeful.tech (1).
Alumni worth knowing
The Formalize mafia
Formalize alumni have founded three companies, including Focalx, which employs 62 people, and roikon, a six-person firm.
3Morten Brøgger, was Board Member, Investor until 2026Guillermo Álvarez Sanjuán, was Account Executive until 2024Hiring now
Web traffic
Traffic mix: 39% direct, 42% search, 3% social, 9% paid.
What this company is made of
Most common skills at Formalize: Communication (88), English (81), Project Management (73), Teamwork (64), Microsoft Excel (54), Microsoft Office (54), Sales (52), Customer Service (51).
Where the team actually sits
Formalize people are concentrated in Central Denmark Region, Denmark (62), Capital Region of Denmark, Denmark (37), Community of Madrid, Spain (22), Denmark (13). 3 offices on record.
Search footprint
Formalize attracts about 507 organic search visits a month, traffic worth roughly $0K a month if bought through ads. It gained 14 ranking keywords and lost 10 in the last period.
What employees say
- Compensation
- 3.60 / 5
- Career opportunities
- 3.70 / 5
- Senior management
- 3.40 / 5
- Work-life balance
- 3.80 / 5
Frequently asked
Formalize has 235 employees as of September 2026.
Formalize has raised $56M in total, most recently a Series B round in October 2025.
Formalize was founded in 2021 by Jakob Lilholm, Magnus Sätherström Boye, Elias Amellal.
Jakob Lilholm (CEO and Co-founder) sits at the top of Formalize's reporting structure, with 5 direct reports.
The most common previous employers of current Formalize staff are Quickorder (4 people), Lenus (4 people), Pleo (3 people).
Former Formalize employees most often move to PriceShape (4), Salesforce (3), the LEGO (2).
At least 3 companies have a founder who previously worked at Formalize, including Focalx, roikon, Kalma Residences.
Formalize attracts about 507 organic search visits a month, worth roughly $0K a month in equivalent ad spend.
The most common skills among Formalize staff are Communication, English, Project Management, Teamwork, Microsoft Excel.
Formalize staff are concentrated in Central Denmark Region, Denmark (62), Capital Region of Denmark, Denmark (37), Community of Madrid, Spain (22).
Formalize has about 44 people in Sales, up 16% over the past year, as of September 2026.
Formalize has about 29 people in Customer Success and Support, up 26% over the past year, as of September 2026.
Computed from 186 current and 118 former Formalize profiles, as of September 2026. Source: Crustdata.
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