DoolaA company that helps global founders start a limited liability company in the United States, even without a Social Security number, has raised an $8 million funding round.
The new investment comes less than a year after the company obtained $3 million in seed funding. This gives the company just under $12 million in total funding since Arjun Mahadevan and JP Pincheira founded the company 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 client and hundreds of companies had formed LLCs using its software that provides things like an EIN. employee), a US address and bank account, access to US payments, a free tax consultation, US tax support, and a phone number.
Today, thousands of businesses from more than 130 countries have launched with doola, which has helped the company increase its revenue growth sevenfold to date, Mahadevan told TechCrunch.
Doola is building what it said customers are calling a “business in a box,” which has become a comprehensive solution for building a compliant business, including more education on starting a business, a new banking offering and the near future. come credit product. Much of that is to help the US Census project of more than 5 million new business applications done in 2021, Mahadevan said.
“If we can help people go from zero to point one and get their business off the ground, we believe we can increase entrepreneurship globally and make it more likely that people with businesses can succeed and become fit and successful. the scale of the product market,” he added. .
Nexus Venture Partners again led the investment in doola and was joined by investors including Y Combinator Continuity Fund, Hustle Fund, Chris Adelsbach, Sahil Bloom, Alex Cohen, Bart Macdonald and Vibe Capital. They join a group of existing investors that includes Jacqueline Reses, former head of Square Capital; Dharmesh Shah, Founder and CTO of HubSpot; Ankur Nagpal, founder of Teachable and Vibe Capital; Rohini Pandhi, Product Manager at Square and Partner at Transparent Collective; Arjun Sethi, co-founder and investor of Tribe Capital; Prasanna Sankar, co-founder of Rippling; Translink and Psion Capital.
Mahadevan intends to use the new funding to grow the doola team, especially in the areas of product, engineering and R&D. He has an office in New York and Germany and will be expanding and opening new offices. He will also focus on marketing.
Meanwhile, last year, the company launched its own banking service with partner Piedmont Bank, which allows customers to have an account in the US and bank remotely from anywhere in the world using credit cards. and physical and virtual debit and international transfers.
“The ultimate end goal is to accept payments,” Mahadevan said. “We’re also sitting on this trove of data with visibility into companies and how they’re performing. We are going to be able to think for customers and provide them with financial services that they have never had before.”