FlowForma has announced funding of €4m from new and existing investors and appointed Colm Heffernan as chairman.
FlowForma’s niche is ‘no code’ software, and the company is developing a ‘next-generation product’ scheduled for end-of-year release.
Heffernan was previously Chief Operating Officer at Fenergo.
Original investors who are involved in the new round and supporting the strategy include Marc Murphy, CEO and founder of Fenergo, John Purdy, co-founder of Ergo, and Pádraig Canavan, founder of Singularity.
Prior to the funding round, Purdy and Canavan owned the majority of FlowForma shares.
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FlowForma anticipates that employment will increase from 30 to 100 people, with new roles across all areas of the business, such as sales, development, marketing, and customer service.
The company is also opening an incubator space in Enterprise Ireland’s New York office.
CEO Olivia Bushe commented: “Our growth trajectory reflects how digital process automation has gone from the fringes to the mainstream, and how FlowForma Process Automation is now recognised as a fix for process pain points, delivering cost savings, efficiencies, and a great end-user experience for every type of organisation in challenging economic times.”
Colm Heffernan stated: “I’m delighted to be able to play a role in an Irish success story that is primed for accelerated growth. Back in 2018, when FlowForma was a start-up, the idea of no code software was not always understood. Now it’s a given. Cloud-based subscription software like FlowForma’s is now part of the new normal.”
Bushe explained that sectors like construction, healthcare, and financial services are embracing FlowForma’s approach to process change.
“When paper-based processes were broken during Covid lockdowns, we were able to help them transform quickly and do more digitally,” said Bushe.
The next version of FlowForma Process Automation will be Microsoft 365/SharePoint independent, according to the company.
“While it will still integrate with the best-selling productivity suite, the company said it has earmarked the new funding to enrich the no code offering and open it up to work with even more databases,” said Bushe.
FlowForma Ltd had start-up losses of €3.9m in March 2021, with €4.25m capital invested. A funding round in July 2021 raised €230,000.
The company says its product has over 200,000 users across more than 20 countries, with customers including Aon, Grant Thornton, Bouygues Group, NHS Trusts and Trinity College Dublin.
Photo: Olivia Bushe and John Purdy.
