Amsterdam, October 6, 2022: Rockstart, global early stage investor and accelerator, announces its co-investment in Forloop, a Rockstart Emerging Tech portfolio company. The €875k pre-seed round was led by DEPO Ventures, Rockstart, Fazole Ventures, and StartGuide alongside APX and several informal investors. The startup plans to use the funding to grow its user base and to enter new markets.
As internal data became less of a reliable indicator, companies are turning to external factors to predict consumer demand, supply availability, and other factors. In a 2019 Deloitte survey, 92 percent of data analytics professionals said their companies needed to increase use of external data sources. However, the challenges data teams face when looking to maximize the value from external data are exponentially more complicated than working with internal data sources. If 80% of time goes to preparing and cleaning data in general (Andrew Ng, 2021), it's even more true when working with external data. Moreover, the number of processes and automations that are created in no-code and low-code is expected to rise to 70 percent of all processes by 2025. (Gartner, 2021)
Forloop is a no-code platform aimed at increasing the productivity of data scientists and simplifying the creation of data processes using AI. Forloop enables data teams to be more productive by combining no-code, automation and flexibility via its data-centric no-code platform. The team is on a mission to augment data analysts and scientists with machine intelligence in order to make data processes at least 10x easier and faster to create. Forloop makes data from external sources accessible and it automates its extraction, collection, cleaning, and transformation so everyone can leverage the full power of external data automation.
We’re very happy and honored 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.Sebastian Berg, Co-founder & CEO, Forloop
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 and fully cloud-ready accessible from anywhere.Dominik Vach, Technical Director and Co-Founder, Forloop
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.Michael Bjornlund, Managing Partner Emerging Tech, Rockstart
Most organizations I've worked with only use their internal data. But 99.99% of all relevant data is outside of the companies. This is an enormous opportunity that I am glad these two talented and passionate founders are capitalizing on.Jan Bosch, investor and professor of AI- and Data Science, Chalmers
Forloop is one of the first companies selected for investment by the newly launched Rockstart Emerging Tech. Rockstart Emerging Tech is Rockstart’s third fund and was launched this autumn after Rockstart AgriFood in 2019 and Rockstart Energy in 2020. The fund 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.
Rockstart Emerging Tech is focused primarily 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. In terms of specific technologies, Rockstart Emerging Tech is 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.
Forloop is a no-code platform aimed at increasing the productivity of data scientists and simplifying the creation of data processes using AI. Forloop enables data teams to be more productive by combining no-code, automation and flexibility via its data-centric no-code platform. The startup was founded in Berlin by Sebastian Berg and Dominik Vach, former CTO at two data driven startups in logistics and in sports analytics and is now headquartered in Sweden.