doola raises $3M led by Nexus Venture Partners
- Helps global entrepreneurs start a US business with support including EIN, US address, bank account, and tax consultations
- Funds will be used for scaling the team and investing in product and engineering to automate a process still inundated with manual paperwork
- There are 50M+ independent creators globally, and US monthly business applications are over 400,000 per month
NEW YORK & BENGALURU, India–(BUSINESS WIRE)–StartPack announced today that they have rebranded to doola, are growing profitably globally, and have raised $3M in financing to empower anyone in the world to turn their dream idea into their dream US business. The new funding round was led by Nexus Venture Partners with participation from YCombinator, Hustle Fund, XX, Psion Capital, Translink Investment, and other all-star angels, including Jacqueline Reses, Dharmesh Shah, Ankur Nagpal, Rohini Pandhi, Arjun Sethi, and Prasanna Sankar. The funds will be used to scale the team and further invest in product and engineering.
It’s time for the paperwork to keep up with the demands of the modern entrepreneur. doola empowers founders, wherever they’re based, with the tools they need to set up a US entity so they can charge what they’re worth, access best-in-class payment systems, and understand how to get and stay legal. With hands-on and continued support, doola partners with entrepreneurs to confidently start a US business.
doola (formerly StartPack) helps global entrepreneurs form US LLCs by supporting customers through the incorporation process so they can confidently collect payments, build credibility, stay legal, and make more money. doola provides company formation, an EIN, a US address and bank account, access to US payments, tax consultations, US tax support, a phone number, $50,000 in startup perks, and more. Today, hundreds of companies have launched with doola, and these founders didn’t need a US social security number to benefit from doola’s products and services. doola was founded in late 2020 by Arjun Mahadevan and JP Pincheira, with its HQ in New York City.
“Creators and independent entrepreneurs want to focus on their crafts that they love. However, to build businesses around their crafts, they would also need to take care of unexciting but necessary backend business management functions (like incorporation, compliance, taxes, banking, payments, etc.), for which they usually do not have expertise, nor interest, nor the time those activities demand. doola is set to address just that: so solopreneurs can do what they love and are best at, while doola takes care of the rest,” said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners.
Arjun Mahadevan, CEO, doola, said, “doola is not just a formation service; we’re a fintech company. This is our wedge to building the operating system for creators globally: from formation to financial to legal stack. Our work at doola is far from complete; we’re just getting started. It’s just the tip of the global iceberg for us.”
About Nexus Venture Partners
Nexus Venture Partners is a leading early-stage venture capital firm partnering with extraordinary entrepreneurs building product-first companies. With $2 billion under management, Nexus operates as one team across the US and India. 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.
Arjun Mahadevan, CEO