Doola raises $8 million in funding from Nexus Venture Partners

Doola, a firm that aids global founders to start companies in the US, has raised $8 million in funding to expand its fintech suite and democratize access to the US financial ecosystem.

The funding round was led by Nexus Venture Partners with participation from the Y Combinator Continuity Fund, among others.

“Doola is not just a formation service- we’re a fintech company. By providing adjacent financial tools designed to help emerging companies grow more efficiently, doola is the fuel these businesses need. Growing doola’s team will allow us to launch new products and iterate on existing products,” said Arjun Mahadevan, CEO of doola.

“We let data, customer feedback, and demand drive our product innovation. We are excited for this next stage of growth for our company. Our work at doola is far from complete; we are just getting started. It is just the tip of the global iceberg for us,” he added.

By helping founders with the legal and admin side of their businesses, doola enables founders, anywhere they are based, to focus on what they do best, the firm said in a statement.

“Doola demonstrates they are continuing to innovate with the end customer in mind. Their combined product suite is uniquely positioned to service the next generation of companies and support them in this market environment. We are excited to see what Arjun, JP, and the team can accomplish,” said Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners.

The fundraise comes right after a profitable year and the launch of doola Banking, an accessible way for LLCs around the globe to bank and build credit in the US. 

Doola helps its customers incorporate, access US payment systems, and stay legal year after year. The firm claims that doola Banking enables entrepreneurs around the globe to open a business bank account in the US, without the requirement of a credit history or social security number.