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Blog

Formstack Secures $425M to Stop Big Paper

Chris Byers
November 18, 2021
|
Min Read

At Formstack, we’re on a mission to help you reimagine your world of work. For 15 years, we’ve helped organizations across the globe accelerate work and empower employees with no-code productivity solutions.

It all started with a simple way to build online forms without needing a single line of code. Now, we’ve transformed into a suite of powerful, no-code workplace productivity tools that enable employees to automate manual processes, deliver solutions quicker, and go from idea to workflow in minutes. 

As our products have changed and evolved, so has the world around us. We’re witnessing a historic shift to digital-first across nearly every industry, forcing us to reimagine the systems, tools, and processes we use every day. Yet one enemy continues to stand in the way: Big Paper

The manual, paper-based processes many organizations have relied on for decades are no longer cutting it. Paper has stifled innovation, eroded profitability, and impacted efficiency for far too long. 


We’ve decided it’s time to put a stop to Big Paper. Luckily, our investment partners at Silversmith Capital Partners and PSG agree. 

A $425M Investment to Stop Big Paper

Today, I’m excited to share that Formstack has secured a $425 million growth investment led by Silversmith Capital Partners and returning investor PSG. This investment is proof that the no-code movement is not a fad; it’s here to stay to empower employees all over the world.  

This next chapter in Formstack’s growth was preceded by an initial investment from PSG in 2018. Their funding and market knowledge helped us make four strategic acquisitions within three years. PSG’s vast experience in the software space paired with their operation skills made them the perfect lead investment partner. Through PSG’s funding and support, we’ve been able to expand our product offerings, employee count, and ability to serve midmarket and enterprise customers. 

Silversmith Capital Partners has been a big supporter of no-code technology for many years. They were an early investor in the no-code development platform Webflow, and they come to us with a successful track record investing in workflow automation platforms. We're happy to welcome them to the Formstack family and Silversmith Managing Partner Jim Quagliaroli to our Board of Directors. 

I recently sat down with leaders at PSG and Silversmith to discuss what this new partnership and $425M investment means:


The Next Chapter of Formstack 

This major investment provides Formstack the ability to continue evolving and adapting to the needs of our 238,000 customers across 25,000+ organizations in more than 100 countries. It will keep us at the forefront of innovation in the workplace productivity space and give our customers even more power and flexibility through our products. 

As mentioned in our Practically Genius Product Keynote, there are many exciting product enhancements ahead, including: 

  • Copilot
  • Saved Fields 
  • Field Prefill 
  • Formstack Documents updates 
  • SSO improvements 

The funding from Silversmith Capital Partners and PSG will enable us to continue delivering on our mission to improve people’s lives with practical solutions to their everyday work. This investment will fuel the next steps in Formstack’s growth as well as our customers’ practically genius ideas

Join Us in Creating the Future of Work 

Building for the non-technical employee is why we started 15 years ago, and that still inspires the work we do today. We want to make it as simple as possible to streamline workflows and eliminate paper for good. We’re building a product that can meet your immediate needs—digitizing and automating business processes—but also scale to help meet your larger, multi-year digital transformation needs.

Now is an exciting time to be a part of Formstack, whether as a customer, partner, or employee. This investment will propel our company into the next 15 years of growth and support digital transformations across companies of all industries, sizes, and locations. It’s time to take down Big Paper once and for all. We’re here to help you digitize what matters and finally take full control of your workflows. 

Thank you to every customer, employee, partner, supporter, investor, and advocate who helped us get to this significant moment. Here’s a special message from our ‘Stackers to you: 


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Chris Byers
Chris is the CEO of Formstack and leads the company vision. His goal is to deliver on Formstack's mission to improve people’s lives with practical solutions to their everyday work.
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