doola Raises $8M to Expand Fintech Suite and Democratize Access to US Financial Ecosystem
doola raises $8 million to help US and non-US founders start, run and grow their businesses:
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doola offers LLC formation: state registrations, US mailing address, get an EIN and set up payment processors | Bank: doola Banking enables LLCs to bank and build credit in the US | Compliance: Bookkeeping, payroll, tax registrations and tax consultations
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The number of LLCs has grown nearly twentyfold since 1995, rising from fewer than 120,000 to more than 2.5 million today
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US monthly business applications are over 400,000 per month (on track for 5M+ in 2022) and there are 50M+ independent creators globally.
NEW YORK & BENGALURU, India, 8 November 2022–(BUSINESS WIRE)–doola announced today that it has raised $8 million in funding to continue helping entrepreneurs around the world turn their dream idea into their American dream business. This new funding round was led by Nexus Venture Partners with participation from the Y Combinator Continuity Fund and more.
It is time for entrepreneurs to shift their attention from administration and paperwork to innovation and product development. By helping founders with the legal and administrative side of their business, doola enables entrepreneurs, wherever they are based, to focus on what they do best.
This new fundraising comes on the heels of a profitable year and the launch of doola Banking – an accessible way for LLCs worldwide to bank and build credit in the US. This ushers in a new era for doola as the company focuses on democratizing access to the US financial ecosystem for everyone.
“Doola demonstrates that they continue to innovate with the end customer in mind. Their combined product suite is uniquely positioned to serve the next generation of companies and support them in this market environment. We are excited to see what Arjun, JP and the team can achieve,” said Jishnu Bhattacharjee, CEO of Nexus Venture Partners.
Arjun Mahadevan, CEO, doola, said: “doola is not just a formation service – we are a fintech company. By providing adjacent financial tools designed to help emerging companies grow more efficiently, doola is the fuel these businesses need. Growing doola’s team will allow us to launch new products and iterate on existing products. We let data, customer feedback, and demand drive our product innovation. We’re excited about this next stage of growth for our company. Our work at doola is far from done; we’re just getting started. It’s just the beginning of the global iceberg for us.”
About doola
doola is a trusted partner to help global entrepreneurs confidently form their companies in the US. We help our customers incorporate, access US payment systems and stay legal year after year through ongoing support, fundamental business principles and a global-first mindset. doola Banking enables entrepreneurs worldwide to open a business bank account in the United States. As of today, all companies formed with doola have access to doola Banking and are eligible to receive a business credit card – no credit history or SSN required. doola is headquartered in New York City with an office in Hamburg, Germany. For more information, visit www.doola.com.
About Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm that partners with extraordinary entrepreneurs building product-first companies. With $2 billion under management, Nexus operates as one team across the US and India. The Nexus portfolio includes Apollo, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, Observe.ai, PaySense, Postman, Pubmatic, Quandl, Rancher, Sibros, Turtlemint, Unacademy and Zomato. For more information, visit www.nexusvp.com.
Related links
Website: https://www.doola.com
TikTok: https://www.tiktok.com/@doolahq
Twitter: https://twitter.com/doolaHQ
See the source version at businesswire.com: https://www.businesswire.com/news/home/20221108005056/en/
Contacts
Arjun Mahadevan, Managing Director
[email protected]
