Sweden’s Forloop.ai has €875,000 in seed investment from Amsterdam’s Rockstart, DEPO Ventures, others
Stockholm-based Forloop.ai, a code-free data analytics platform, announced on Thursday, October 6 that it has raised €875,000 in a seed round of funding led by Rockstart, DEPO Ventures, Fazole Ventures and StartGuide, along with existing investors APX and several informal investors.
Forloop says the funds will be used to expand its user base and facilitate its entry into new markets, which in turn will bring in more users.
Sebastian Berg, co-founder and CEO of Forloop, says: “We are very excited and honored to close this pre-seed round with such valuable investors on board. With Rockstart, DEPO Ventures and our previous investor APX, together with strategic angels who know how to scale data-driven SaaS, we now have the support and funds to double the product and team and delight customers globally. We look forward to enabling more companies to take the next step in being data-driven.”
What does Forloop solve?
Analyzing 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’s survey, over 92 percent of data analysts suggested that their companies needed to increase the use of external data sources. This is where Forloop steps in.
Founded by Sebastian Berg and Dominik Vach, Foreloop is a code-free data analysis platform that simplifies data processes with the help of AI, thereby facilitating and increasing the productivity of data scientists. It claims to augment data analysts and researchers with machine intelligence, which in turn makes processing data 10 times easier and faster to create.
The platform combines no-code automation and flexibility with its data-centric no-code platform and makes data from external sources available. It automates the extraction, collection, cleansing and transformation of data so that everyone can harness the full power of external data automation.
Dominik Vach, CTO and co-founder of Forloop, says “We noticed a push for external data to react more quickly to market changes. But it often takes months for data teams to go from idea to implementation. This made us start thinking about how we could make it easier for them to bypass the limitations of working only with internal data. So far we have launched an early access version that already attracted paying customers from several EU countries and tens of users. This investment will help us launch the full version, get app to work more smoothly, fully cloud-ready and available anywhere.”
Michael Bjornlund, Managing Partner Emerging Tech, Rockstart, says, “Managing and understanding data is very complex. It’s how businesses are built today and how our cities and communities develop, so we need to be very efficient, transparent and responsible when using it . In addition, so many of the solutions of the future will be based on a fast and accurate use of data. Forloop wants to make this easier and more accessible. With Rockstart Emerging Tech, we support two ambitious yet humble co-founders that we connected from day 1. We believe that they make a great team and will grow as leaders as they build their business in the years to come.”
Forloop and Rockstart’s collaboration
Forloop is one of the first companies selected by the Rockstart Emerging Tech fund, which is supported by the Vækstfonden (The Sovereign Investment Fund of Denmark), the De Hoge Dennen family office, several technology entrepreneurs, Rockstart alumni founders and other informal investors.
The Rockstart Emerging Tech fund is the third fund launched after Rockstart AgriFood 2019 and Rockstart Energy 2020. It mainly focuses on segments such as Industry 4.0 & Advanced Analytics, Smart Societies, Digital Health, Data Privacy/Security and more general applications that propose 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
Rock start says it enables goal-driven startups in Energy, AgriFood and Emerging Technologies. It invests in early-stage entrepreneurs and helps founders connect with co-investors, mentors, partners, companies and the Rockstart network.
With an international team of 45+ professionals dedicated to empowering determined founders to scale and drive positive change on a global scale, Rockstart has invested in more than 280 companies valued at over $1 billion. Some of its notable outlets are Wercker, Bouw7, iClinic, 3D Hubs and Brincr. The company has offices in Amsterdam, Copenhagen and Bogota, Colombia.
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