Doola raises $3M to help global founders launch an LLC in the US

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Dula, a startup that aims to help global entrepreneurs build American businesses, has raised $3 million in seed funding.

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groom Actually started its life in 2020 as a startup as a pivot from another startup called Standup. During that pivoting process, the team realized it didn’t want to go through the “complicated and time-consuming” process of setting up the full-stack of software and accounts needed to get a business off the ground.

“We wanted to focus on building products, talking to users, and growing our new business, and we thought, ‘What if we could click a button and start a company?’,” said the co-founder and CEO Arjun Mahadevan. In September, the New York-based company created an MVP and got its first paying customer. It has recently been rebranded from StartPack to doola.

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Doola’s mission is to Support your customers through the incorporation process so they can “confidently collect payments, build credibility, stay legal, and make more money,” said Mahadevan, a former development product manager at Dropbox. Specifically, Doula provides company formation, an EIN (Employee Identification Number), a US address and bank account, access to US payments, a free tax consultation, US tax assistance, a phone number, and $50,000 in startup “perks”. .

By now, hundreds of companies have formed LLCs with doulas — even those without a US Social Security number. And according to Mahadevan, the company is “growing profitably from a unit economics perspective”.

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image credit: groom

According to Mahadevan, what makes Dula stand out in the space is that it doesn’t help to just include a founder and leave them to fend for themselves.

“We are not just a formation service, we are a full-service fintech company,” he told Nerdshala. “The formation is our nail in building operating systems for creators globally: by providing technical, educational and personal support every step of the way: from formation to financial to the legal stack.”

And if there are things Dola can’t provide in-house, it works with partners like Amazon and Twilio to help, Mahadevan said.

Nexus Venture Partners Led Doula’s funding, which raises the company’s net worth to $3.6 million. The startup participated in Y Combinator’s Summer 2020 batch and counts as a high-profile group of angels, along with backers Hustle Fund, XX, Psion Capital and TransLink Investments. Jacqueline Research, former head of Square Capital; Dharmesh ShahFounder 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 in Tribe Capital; And Prasanna SankarCo-founder of Ripple.

Doola plans to use its new capital to grow its team. Apart from Mahadevan and Co-Founder and CTO JP Pinchira, Dola has 14 employees. Capital will also go towards product and engineering.

Rees notes that the maker economy is booming, with more than 50 million people becoming makers in the past decade — and those makers becoming businesses in the coming decade. He believes Doola is ready to help such global businesses.

“Dula is incredibly easy for anyone, from anywhere in the world, to set up a US-based LLC, get a US bank account, with access to all payment products and financial services typically reserved for US-based businesses. makes,” she wrote. Via email. “What fascinates me about this business is not this early beach of business creation, but the long-term opportunity they have to handle all the useless business management pieces for creators and independent entrepreneurs around the world. – which includes incorporation, banking, tax and other important pieces of infrastructure.”

Jishnu Bhattacharjee, managing director of Nexus Venture Partners, agrees. He joined Doula’s board as part of the financing.

“Creators and independent entrepreneurs want to focus on their craft that they love. However, in order to build a business around their craft, they also need to take care of the unexpected but necessary backend business management tasks they usually have. But there is no expertise, interest, nor demand for those activities,” he wrote via email. “Dula sets out to address just that: so single-entrepreneurs can do whatever they want. They like and do the best, while Doula takes care of the rest.”

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