Total amount raised
$425 Millions
Latest funding date
11/01/2021
Location
Formstack has successfully raised funding through multiple rounds, with notable investors including PSG Equity and Silversmith Capital Partners. The platform offers a suite of no-code tools designed to help organizations automate workflows and improve efficiency.
Keep reading to explore the intricacies of Formstack's fundraising journey and the investors backing this innovative platform.
What Is Formstack?
Formstack, founded by Ade Olonoh in 2006, is headquartered in Fishers, Indiana. The company specializes in providing a no-code process automation platform designed to help organizations digitize and automate workflows. Trusted by over 25,000 organizations worldwide, Formstack's suite of products includes tools for creating custom forms, generating documents, collecting eSignatures, and automating workflows.
Formstack's platform is utilized by notable clients such as NHL, Netflix, Twitter, and Butler University. The company employs between 101 and 250 people, offering solutions tailored for various industries including healthcare, financial services, education, and software. Their products integrate seamlessly with numerous software tools, enhancing efficiency and productivity for users.
With a focus on ease of use and flexibility, Formstack continues to innovate in the field of workplace productivity. Their all-in-one solution combines forms, document generation, eSignatures, and automated workflows, making it a valuable asset for organizations looking to streamline their processes without the need for coding expertise.
How Much Funding Has Formstack Raised?
- Series A
- Amount Raised: Not publicly disclosed
- Date: September 2008
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure initial capital for product development and market entry.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: June 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand market reach and enhance product offerings.
- Private Equity Round
- Amount Raised: $425M
- Date: November 2021
- Lead Investors: PSG Equity, Silversmith Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To grow Formstack's cloud platform, make additional acquisitions, expand its workforce, and scale go-to-market and product development activities.
Total Amount Raised: $425M. Current Valuation: Not publicly disclosed.
Key Investors
Here are the major investors in Formstack:
- PSG Equity
- Details: PSG Equity is a growth equity firm that partners with lower middle-market software and technology-enabled service companies. They have been instrumental in helping Formstack triple its revenues since their initial investment in 2018.
- Investment Focus Areas: Software, technology-enabled services, lower middle market.
- Notable Investments: Not publicly disclosed.
- Silversmith Capital Partners
- Details: Silversmith Capital Partners is a growth equity firm that invests in high-growth, profitable technology and healthcare companies. They participated in Formstack's $425 million funding round in 2021.
- Investment Focus Areas: Technology, healthcare.
- Notable Investments: Not publicly disclosed.
Information about other major investors was not found in the provided sources.
What's Next for Formstack?
Formstack's future is brimming with opportunities, particularly in expanding its market reach through strategic acquisitions. The company aims to leverage its recent $425 million investment to enhance its cloud platform and target non-technical employees with no-code solutions. This approach could significantly broaden its customer base, tapping into the growing demand for digital transformation and automation tools.
With substantial capital at its disposal, Formstack is well-positioned for future fundraising rounds, potentially attracting more investors interested in the lucrative market for document workflow automation. However, the company will need to navigate challenges such as intense competition from established players like Adobe and maintaining profitability while scaling operations. Integrating acquired technologies seamlessly into its existing platform will also be crucial for sustained growth.
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