Doola is looking after new capital for its business-in-a-box tool aimed at global founders

Doulaa company that helps global founders set up a limited liability company in the United States even without a social security number has raised $8 million in funding.

The new investment comes less than a year after the company secured it $3 million seed funding. That gives the company just under $12 million in total funding since the company was founded by Arjun Mahadevan and JP Pincheira in 2020. Mahadevan did not disclose the company’s new valuation, but said this round increased it.

When we previously wrote about doola in 2021, the New York-based company had just built its MVP and was working with its first paying customer, and hundreds of companies had formed LLCs using its software, which provides things like EIN (employee ID number), US address and bank account, access to US payments, free tax advice, US tax support and phone number.

Today, thousands of companies in over 130 countries have launched with doola, which has helped the company grow its revenue sevenfold since 2020, Mahadevan told TechCrunch.

Doola is building what it says customers call a “business in a box,” which has become a one-stop solution for compliant company creation, including more training on how to start a company, a new banking offering and, recently, a credit product. Much of this is to help the US Census Project 5 million new business applications made in 2021, Mahadevan said.

“If we can help people go from zero to one and start their businesses, we think we can increase entrepreneurship globally and make it more likely that people with businesses will succeed and reach product market fit and scale.” “, he added.

Nexus Venture Partners once again led the investment in doola and was joined by investors including Y Combinator, Hustle Fund, Chris Adelsbach, Sahil Blum, Alex Cohen, Bart McDonald and Vibe Capital. They join a group of existing investors that includes Jacqueline Reses, former head of Square Capital; Dharmesh Shah, Founder and CTO at HubSpot; Ankur Nagpal, founder of Teachable and Vibe Capital; Rohini Pandey, product manager at Square and partner at Transparent Collective; Arjun Sethi, co-founder and investor at Tribe Capital; Prasanna Sankar, co-founder of Rippling; Translink and Psion Capital.

Mahadevan intends to use the new funding to expand doola’s team, particularly in product, engineering and R&D. It has offices in New York and Germany and will expand and open new offices. It will also focus on marketing.

Meanwhile, last year the company launched its own banking service that allows customers to have a US-based account and bank remotely from anywhere in the world using physical and virtual credit and debit cards and international transfers.

“The ultimate end goal is to accept payments,” Mahadevan said. “We’re also sitting in this treasure trove of data with visibility into companies and how they’re performing. We will be able to think about customers and provide financial services like never before.”

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *