# Formalize funding: rounds and investors > Formalize has raised $51M across 2 rounds since 2024. Investors include West Hill Capital, Acton Capital and BlackFin Capital Partners. Source: https://millionrounds.com/company/formalize (Millionrounds; every figure on the page links to its filing or article) Denmark · [Series B startup](https://millionrounds.com/companies) # Who invested in *Formalize* 2 rounds we have observed, with the 7 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Regtech SaaS Software Raised 12 months ago Funding summary Updated 26 Oct 2026 **$51M** raised across 2 rounds since 2024, from 3 sources **$16M** Growth **$35M** Series B - **Latest round:** Series B, $35M Oct 2025 - **Led by:** Acton Capital and BlackFin Capital Partners - **Step-up i:** 2.2× - **Investors:** 7 (3 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2025 **$16M** Growth **$35M** Series B - **First round:** Growth, $16M - **Biggest round:** $35M - **Between rounds:** 20 months ## The rounds - **Oct 2025** Series B **$35M** *5 new* *1 returning* [Acton Capital](https://millionrounds.com/fund/acton-capital) Lead [BlackFin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners-2) Lead [Fin Capital](https://millionrounds.com/fund/fin-capital) [CIBC](https://millionrounds.com/fund/cibc) [CIBC Innovation Banking](https://millionrounds.com/fund/cibc-innovation-banking) [West Hill Capital](https://millionrounds.com/fund/west-hill-capital) Reported by Silicon Canals and 1 other - **Mar 2024** Growth **$16M** *2 new* [Blackfin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners) Lead [West Hill Capital](https://millionrounds.com/fund/west-hill-capital) Reported by West Hill Capital ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Growth** 2024 **Series B** 2025 [West Hill Capital](https://millionrounds.com/fund/west-hill-capital) [Acton Capital](https://millionrounds.com/fund/acton-capital) L [BlackFin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners-2) L [Blackfin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners) L [Fin Capital](https://millionrounds.com/fund/fin-capital) [CIBC](https://millionrounds.com/fund/cibc) [CIBC Innovation Banking](https://millionrounds.com/fund/cibc-innovation-banking) ## Everyone who backed them [West Hill Capital](https://millionrounds.com/fund/west-hill-capital) Private equity **2** rounds [Acton Capital](https://millionrounds.com/fund/acton-capital) VC firm **1** round, led 1 [BlackFin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners-2) Private equity **1** round, led 1 [Blackfin Capital Partners](https://millionrounds.com/fund/blackfin-capital-partners) VC firm **1** round, led 1 [Fin Capital](https://millionrounds.com/fund/fin-capital) Private equity **1** round [CIBC](https://millionrounds.com/fund/cibc) VC firm **1** round [CIBC Innovation Banking](https://millionrounds.com/fund/cibc-innovation-banking) VC firm **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=formalize). ## Quick answers about Formalize ### Who invested in Formalize? Formalize's investors include West Hill Capital, Acton Capital, BlackFin Capital Partners, Blackfin Capital Partners and Fin Capital, and 2 more on record. Acton Capital led its latest round. ### How much has Formalize raised? Formalize has raised $51M across 2 rounds since 2024. ### When did Formalize last raise? Formalize's most recent round was a Series B of $35M in Oct 2025, led by Acton Capital. ### What was Formalize's biggest round? Its most recent round, $35M in Oct 2025, is also its largest on record. ### Who backed Formalize first? Formalize's first round on record, in Mar 2024, was backed by Blackfin Capital Partners and West Hill Capital. ### What stage is Formalize at? Formalize's latest named round is a Series B, in Oct 2025. ### Where is Formalize based? Formalize is based in Denmark. ### Who led Formalize's rounds? Blackfin Capital Partners led the Growth in 2024; Acton Capital led the Series B in 2025. ## Companies like Formalize In the same sector, and raised in the last eighteen months. [**Lumilab** $3.3M · Oct 2026](https://millionrounds.com/company/lumilab)[**Complir** $11M · Sept 2026](https://millionrounds.com/company/complir)[**Velatir** $7.4M · Aug 2026](https://millionrounds.com/company/velatir)[**Spektr** $25M · Apr 2026](https://millionrounds.com/company/spektr)[**Dreamdata** $55M · Oct 2025](https://millionrounds.com/company/dreamdata)[**Cerebriu** $11M · Sept 2025](https://millionrounds.com/company/cerebriu) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. Open the investor searchOr these rounds in the app