A New Milestone for Doola: Accelerating Entrepreneurship Globally
Doola, a company that enables global founders to start a limited liability company (LLC) in the United States without a Social Security number, has raised an impressive $8 million in funding. This latest investment comes on the heels of its previous seed round of $3 million, bringing the company’s total funding to just under $12 million since its founding by Arjun Mahadevan and JP Pincheira in 2020.
A Rapidly Growing Company
Under the leadership of Mahadevan, Doola has experienced rapid growth. When we previously wrote about the company in 2021, it had just built its minimum viable product (MVP) and was working with its first paying customer. Since then, hundreds of companies have formed LLCs using Doola’s software, which provides essential services such as an Employee Identification Number (EIN), a U.S. address, bank account access, U.S. payments, free tax consultation, U.S. tax support, and a phone number.
Thousands of Companies from Over 130 Countries Have Launched with Doola
Today, thousands of companies from over 130 countries have successfully launched their business using Doola’s platform. This remarkable growth has enabled the company to increase its revenue by seven times year-to-date, according to Mahadevan. The company is building what customers call a "business in a box," which includes a one-stop solution for compliantly forming a company, education on how to start a company, and additional services such as banking and credit products.
Addressing the U.S. Census’ Project of Over 5 Million New Business Applications
Doola’s growth is closely tied to the U.S. Census’ project of over 5 million new business applications made in 2021. Mahadevan explained that the company aims to help people "go from zero to point one" and get their business off the ground. By doing so, Doola believes it can increase entrepreneurship globally and make it more likely for businesses to succeed and reach product-market fit and scale.
Nexus Venture Partners Leads Investment
The new investment in Doola was led by Nexus Venture Partners, which also participated in its previous seed round. Other investors joining this funding round include Y Combinator Continuity Fund, Hustle Fund, Chris Adelsbach, Sahil Bloom, Alex Cohen, Bart Macdonald, and Vibe Capital. This brings the total number of investors to a group that includes Jacqueline Reses, former head of Square Capital; Dharmesh Shah, founder and CTO at HubSpot; Ankur Nagpal, founder at Teachable and of 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.
Using the New Funding
Mahadevan plans to use the new funding to grow Doola’s team, particularly in product, engineering, and R&D. The company has offices in New York and Germany and will be scaling those while opening up new locations. Additionally, Mahadevan aims to expand Doola’s services, including its banking and credit products.
A Bright Future for Doola
Doola’s impressive growth and latest funding milestone demonstrate the company’s potential to make a significant impact on global entrepreneurship. With its innovative platform and commitment to supporting businesses worldwide, Doola is poised for continued success in the years ahead.
