Silicon Valley-based accelerator Y Combinator participated in the fundraising, as did Hustle Fund, Psion Capital, Translink Investment and a clutch of angel investors. The capital will be used to scale the team and further invest in product and engineering.
Founded in 2020 by Arjun Mahadevan and JP Pincheira, doola helps customers incorporate their ventures as limited liability companies (LLCs) in the United States.
- A limited liability company is a business structure in the US that protects its owners from personal responsibility for its debts or liabilities, according to Investopedia. They are hybrid entities that combine the characteristics of a corporation with those of a partnership or sole proprietorship.
Doola provides its clients company information, an EIN (employee identification number), a US address and bank account, access to US payments, a free tax consultation, US tax support, a phone number and $50,000 in startup “perks”.
Naturally, a majority of the New York-based company’s customers are outside the US, with India being its most popular country. Doola has a team based in Bengaluru that’s partnering with local communities and ecosystems to help Indian founders grow stateside. Its clients include The Product Folks, Upekkha and Remote Indian.
“Doola is not just a formation service; we’re a fintech company,” CEO Mahadevan said. “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…”
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Creators and entrepreneurs focused on building their brands may not have the wherewithal for business management, and that’s where doola steps in, Nexus Venture Partners’ MD Jishnu Bhattacharjee said. “So entrepreneurs can do what they love and are best at, while doola takes care of the rest.”
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