Stockholm-based Forloop.ai, a no-code data analytics platform, announced on Thursday, October 6, that it has raised €875k in a seed round of funding led by Rockstart, DEPO Ventures, Fazole Ventures, and StartGuide, alongside existing investor APX and several informal investors.
Forloop says the funds will be utilised to grow its user base and facilitate its entry into new markets, in turn bringing in more users.
Sebastian Berg, Co-founder and CEO of Forloop, says, “We’re very happy and honoured to close this pre-seed round with such valuable investors onboard. With Rockstart, DEPO Ventures, and our previous investor APX, together with strategic angels that know how to scale data-driven SaaS, we now have the support and funds to double down on product and team, and to make customers happy globally. We look forward to enabling more companies to take the next step in being data-driven.”
What is Forloop solving?
Analysing data has become crucial and a reliable indicator for a company to deploy solutions and products based on consumer demand, supply availability, and other factors. In a 2019 Deloitte survey, over 92 percent of data analytics professionals suggested that their company needed to increase the use of external data sources. This is where Forloop steps in.
Founded by Sebastian Berg and Dominik Vach, Forloop is a no-code data analytics platform that simplifies data processes using AI, and thereby facilitating and increasing the productivity of data scientists. It claims to be augmenting data analysts and scientists with machine intelligence, in turn processing data 10x easier and faster to create.
The platform combines no-code automation and flexibility using its data-centric no-code platform and makes data from external sources accessible. It automates the extraction, collection, cleaning, and transformation of data so everyone can leverage the full power of external data automation.
Dominik Vach, Technical Director and Co-founder of Forloop, says “We noticed a push for external data to react faster to market changes. But, it often takes months for data teams to go from idea to implementation. This made us start thinking how we could make it easier for them to bypass the limitations of only working with internal data. So far, we have launched an early access version which already attracted paying clients from several EU countries and tens of users. This investment will help us launch the full version, make the app run smoother, fully cloud-ready and accessible from anywhere.”
Michael Bjornlund, Managing Partner Emerging Tech, Rockstart, says, “Managing and understanding data is very complex. This is how businesses are built today and how our cities and communities develop, so we have to be very efficient, transparent and responsible when using it. Also, so many of the solutions of the future will be built on the swift and accurate use of data. Forloop wants to make this easier and more accessible. With Rockstart Emerging Tech we back two ambitious yet humble co-founders with whom we connected from Day 1. We believe they form a great team and will grow as leaders when building their company in the years to come.”
Forloop and Rockstart’s collaboration
Forloop is one of the first companies to be selected by the Rockstart Emerging Tech fund, which is backed by Vækstfonden (The Sovereign Investment Fund of Denmark), the family office De Hoge Dennen, several tech entrepreneurs, Rockstart alumni founders, and other informal investors.
The Rockstart Emerging Tech fund is the third fund launched after Rockstart AgriFood in 2019 and Rockstart Energy in 2020. It primarily focuses on segments such as Industry 4.0 & Advanced Analytics, Smart Societies, Digital Health, Data Privacy/Security, and more general applications proposing solutions for positive change.
The fund is also looking to invest in software startups innovating in ML/AI, Computer Vision, web3 & blockchain, IoT & Edge Computing, Biometrics, Geospatial tech, and Additive Manufacturing. Startups can apply to Rockstart Emerging Tech via the website at rockstart.com/emerging-tech.
About Rockstart
Rockstart says it enables purpose-driven startups in Energy, AgriFood, and Emerging Technologies. It invests in early-stage entrepreneurs and helps founders connect with co-investors, mentors, partners, corporates, and the Rockstart network.
With an international team of 45+ professionals dedicated to empowering purpose-driven founders to become scalable and drive positive change on a global scale, Rockstart has invested in more than 280 businesses worth over $1B. Some of its notable exits are Wercker, Bouw7, iClinic, 3D Hubs, and Brincr. The company has offices in Amsterdam, Copenhagen, and Bogota, Colombia.
Catch our interview with Paul Down, Head of Sales at Intigriti.
