CIBC Innovation Banking provides growth financing to compliance software company Formalize in €30M Series B raise

CIBC Innovation Banking has provided a growth financing package to Formalize, the compliance software company, in its €30M Series B funding round. The funding will be used to strengthen its position as a leading compliance operations platform in Europe and scale its presence in key markets such as DACH (Germany, Austria, and Switzerland) and France. It plans to open new offices and expand its local teams to better support these regions.

Formalize helps SMEs streamline their compliance processes by helping them quickly adapt to new EU rules. It provides a single platform that automates compliance workflows, consolidates requirements and helps companies stay ahead of regulatory change. It raised its Series A in 2024 and is used by more than 8,000 organisations and more than 850 consultancies and law firms.

Jakob Lilholm, CEO and co-founder of Formalize, said: “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.”

Charlotte Goggin, Director at CIBC Innovation Banking, said: “We’re really pleased to be supporting Formalize in its next phase of growth. For SMEs, keeping track of compliance updates can be a really time-consuming and manual process. Formalize’s solution helps to ease this burden, providing businesses with the tools to stay compliant and meet regulatory changes.”

About CIBC Innovation Banking

CIBC Innovation Banking has 25 years of specialized experience in growth-stage tech and life science companies across North America – a longer track record than most banks. CIBC now has over $15BN in funds managed including life sciences, health care, cleantech companies, investors and entrepreneurs, and has assisted more than 550 venture and private equity backed businesses over the past six and a half years. Over the last 12 months, CIBC Innovation Banking has committed over $3BN in venture loans to the innovation economy. Connect with us today to start the conversation.

About Formalize

Formalize helps SMEs streamline their compliance processes by helping them quickly adapt to new EU rules. It provides a single platform that automates compliance workflows, consolidates requirements and helps companies stay ahead of regulatory change. It raised its Series A in 2024 and is used by more than 8,000 organisations and more than 850 consultancies and law firms.