Bloomington tech startup Folia becomes first tenant at The Forge
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Just under a month ago, Bloomington nonprofit business accelerator The Mill cut the ribbon on the $13 million tech-centered office space in the city’s Trades District known as The Forge.
This week, The Mill announced the building’s first tenant—Bloomington-based software startup Folia.
Founded in 2021 by Indiana University alumnus Ravi Bhatt, Folia has developed a platform designed to help with editing and annotating various documents.
Folia started as a member of The Mill, and has now entered into a five-year lease for 618 square feet in The Forge. Bhatt said moving into the new facility is the next step of growth for his company.
“Bloomington has been an incredible home for us, offering both a talented community and the resources we need to scale,” Bhatt said in a news release. “The Trades District is the perfect place to continue innovating and building. We’re looking forward to the journey ahead.”
Folia currently has 20 full-time employees around the globe, with two located in Bloomington. The Mill says the company plans to add four full-time jobs at its new space in The Forge.
Folia completed a $2 million seed round of funding in 2022. The company was nominated for Tech Innovation of the Year at this year’s TechPoint Mira Awards, and both the company and Bhatt have been nominated in previous years.
The Mill said in the release that the addition of Folia exemplifies the city’s vision for The Forge as a prime location for early-stage companies that graduate from The Mill.
“Supporting successful new tech businesses like Folia demonstrates that Bloomington is a place where startups can start, grow, and succeed,” said John Fernandez, senior vice president of innovation and strategic partnerships at The Mill. “We’re excited to support the success of companies like Folia as they scale up and increase their contribution to Bloomington’s economy and our vibrant ecosystem.”
In addition to serving as a place for tech-focused startups, The Forge also features a coworking space for remote workers. The federal Economic Development Administration previously estimated the 22,000-square-foot building will create 530 jobs and generate $51 million in private investment.