Doola raises new funds for its “Business in a Box” tool aimed at global founders • TechCrunch

Doola, a company that helps global founders form 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 $3 million in seed funding. This brings the company to nearly $12 million in total funding since its founding by Arjun Mahadevan and JP Pincheira in 2020. Mahadevan did not disclose the company’s new valuation, but said this round raised 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, doing things like an EIN (employee identification number) provides. a US address and bank account, access to US payments, a free tax consultation, US tax assistance, and a phone number.

Today, thousands of companies from over 130 countries have launched Doola, which has helped the company increase its revenue growth sevenfold since 2020, Mahadevan told TechCrunch.

Doola is building what its clients refer to as a ‘business in a box’ which has evolved into a complete solution for legally starting a business, including further training on how to start a business, a new banking offering and a soon to come lending product. Much of this is intended to support the U.S. Census project of over 5 million new business applications 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 empower entrepreneurship globally and make it more likely for people to thrive with business and product market viability and scale achieve,” he added.

Nexus Venture Partners again led the investment in Doola and was backed by investors including Y Combinator, Hustle Fund, Chris Adelsbach, Sahil Bloom, Alex Cohen, Bart Macdonald and Vibe Capital. They join a group of existing investors that include Jacqueline Reses, former head of Square Capital; Dharmesh Shah, Founder and CTO at 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 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 scale and open new offices. It will also focus on marketing.

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

“The ultimate end goal is accepting payments,” Mahadevan said. “We are also sitting on this treasure trove of data with insight into companies and their performance. We will be able to think for customers and offer financial services that have never existed before.”

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