Change Ventures invests in startup Formaloo

COBALT advised venture capital fund Change Ventures on its investment in Formaloo, raising a total of 2 million euros from various investors. The investment round was led by Change Ventures. Other investors included Hyde Park Venture Partners, Mana Ventures and Startup Wise Guys.

Formaloo is an Estonian-based company founded in 2020. The company provides a collaborative platform for teams to build business applications. Formaloo users can also collect and organize their business data. With the raised investment, Formaloo will become a workspace hub that allows business users to access their tools on a single platform and create any kind of applications they want in a matter of minutes, not months.

Change Ventures is one of the largest venture capital funds in the Baltics specializing in early-stage investments. Change Ventures says they started investing in the Baltic states in 2017, establishing the first truly pan-Baltic seed/pre-seed fund. Since then, they have backed over 33 startups.

COBALT’s team included Partner Kristel Raidla-Talur, Specialist Counsel Greete-Kristiine Kuru and Associate Johanna Lumiste.