Doola Startup Raises $3M in Seed Funding
Doola, a New York-based startup that helps international entrepreneurs set up US businesses, raised $3 million in seed funding. The funding round was led by Nexus Venture Partners and brought the startup’s total funding to $3.6 million.
Besides Nexus Venture Partners, Y Combinator, a startup accelerator company also participated in the funding. Other backers include Hustle Fund, Psion Capital, Translink Investment, as well as a group of angel investors.
Doola first appeared in 2020 under the name StartPack when it moved away from another startup called Standups. Co-founded by Arjun Mahadevan and JP Pincheira, the startup specializes in helping non-US residents form LLCs in America.
LLCs are a sort of a middle ground between sole proprietorships and corporations, protecting the owner’s personal assets from business-related debts. Launching an LLC can be a time consuming process that involves a lot of paperwork. This may be exceptionally tricky for foreign nationals, especially since you’re required to have a physical address in the state before creating an LLC.
Doola covers each step of the LLC formation process, including providing a US address and bank account, getting a business Employee Identification Number or EIN, and gathering and filling in all formation documents, US tax support, tax consultation, and a phone number. On top of that, clients gain access to a registered agent, a legal requirement to form an LLC in the US, and $50,000 in startup rewards.
With Doola’s help, entrepreneurs are free to conduct their business legally in the US, avoiding the usual roadblocks that keep non-US residents out of the market. Doola’s LLC starter pack will set you back $349 annually + the state filing fees.
But according to Mahadevan, the startup is more than just a formation service.
“We’re a full-service fintech company,” the co-founder said. “Formation is our wedge to build the operating system for creators globally: from formation to financial to legal stack, by providing technical, educational and personal support every step of the way”.
I have always thought of myself as a writer, but I began my career as a data operator with a large fintech firm. This position proved invaluable for learning how banks and other financial institutions operate. Daily correspondence with banking experts gave me insight into the systems and policies that power the economy. When I got the chance to translate my experience into words, I gladly joined the smart, enthusiastic Fortunly team.
