Funding round
Formance Pre-seed
Formance, which works in multi-currency ledger integration in Paris, raised $3.1M in a Pre-seed round announced on 20 Jun 2022, led by Hoxton Ventures and Frst. 3 firms took part. It is Formance's first venture round on record.
$3.1M
Amount raised
Not disclosed
Post-money valuation
3
Investors
2 leads
Valuation
What this round says about the price
Formance did not disclose a valuation in this round. It is Formance's first venture round on record, 1 year after it was founded in 2021. It is 13% of the $24M Formance has raised in the venture rounds on record. Formance raised again 31 months later: a Series A round of $21M in Jan 2025.
Formance's funding rounds
Formance has 2 venture rounds on record. This one is highlighted.
- Pre-seed this round 20 Jun 2022, led by Hoxton Ventures and Frst $3.1M
- Series A 29 Jan 2025, led by PayPal Ventures and Portage Ventures $21M
Investors
Who put money in
Hoxton Ventures and Frst led the round with 1 other firm.
Lead investors
- Hoxton Ventures backs 50 venture-backed companies new investor
- backs 23 venture-backed companies new investor
Also in the round
- Y Combinator backs 1,295 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
479 Pre-seed rounds in Tech Companies within a year either side disclosed an amount; the median was $1.3M, and this round was 2.4 times the median. The closest in time, other companies' Pre-seed rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 9 Jun 2022 | $4.0M | not disclosed | No Such Ventures |
| Tech Companies | 18 Jun 2022 | $3.2M | not disclosed | not named |
| Tech Companies | 30 Jun 2022 | $3.0M | not disclosed | not named |
| Tech Companies | 14 Jun 2022 | $2.1M | not disclosed | not named |
| Tech Companies | 15 Jun 2022 | $2.0M | not disclosed | Seedcamp |
| Tech Companies | 30 Jun 2022 | $2.0M | not disclosed | Quona Capital |
| Tech Companies | 22 Jun 2022 | $2.0M | not disclosed | Lightbird |
| Tech Companies | 1 Jun 2022 | $1.8M | not disclosed | Speedinvest and Seedcamp |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Formance raise in its Pre-seed round?
Formance raised $3.1M in its Pre-seed round, announced in Jun 2022.
Who led Formance's Pre-seed round?
Hoxton Ventures and Frst led it, with Y Combinator.
What was Formance's valuation at the Pre-seed round?
It was not disclosed.
How does it compare with other Pre-seed rounds in Tech Companies?
479 Pre-seed rounds in Tech Companies within a year either side disclosed an amount; the median was $1.3M, and this round was 2.4 times the median.
Did Formance raise again after this round?
Yes: a Series A round in Jan 2025 of $21M.