FlowForma Expands with €4m Investment
27th June 2022
FlowForma aims to maintain its position as a leader in the fast-growing ‘no code’ software market with a funding round that raised €4m from new and existing investors, and a next-generation product scheduled for end-of-year release.
To support the strategy, Colm Heffernan, previously Chief Operating Officer at Fenergo, has been appointed as Chairman, bringing a decade’s experience in growing global businesses to the company.
The Irish firm will increase employee numbers from 30 to 100, with new roles across all areas of the business – sales, development, marketing, customer service – to meet growing demand in overseas markets. It will open an incubator space in Enterprise Ireland’s New York office as the software company makes the US a priority.
Olivia Bushe, Chief Executive Officer, FlowForma, said,
“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.”
New Chairman, Colm Heffernan, commented, “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.”
Olivia Bushe attributes the 26% growth in FlowForma’s last financial year (March 2021-March 2022) to fallout from the pandemic, which prompted organisations to accelerate digital transformation projects. Sectors like construction, healthcare, and financial services are all now 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,” explained Olivia.
The change reflects a wider industry shift to ‘no code’ and ‘low code’ products.
With IT skill shortages exacerbating the time it takes to develop software, FlowForma’s self-service approach – where business units get to design and build their own workflows – is not just getting the job done, it’s empowering non-technical people to take charge of their own processes.
The next version of FlowForma Process Automation will be Microsoft 365/SharePoint independent. While it will still integrate with the best-selling productivity suite, the company is using the new investment funds to enrich the no code offering and open it up to work with even more databases. 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.