US-based fintech company Doola, operated by Distributed Inc., has raised $3 million (around 22 crores) from Nexus Venture Partners and other investors including YCombinator, Hustle Fund, Psion Capital, and Translink Investment.
Angel investors who participated in the round include Jacqueline Reses, Dharmesh Shah, Ankur Nagpal, Rohini Pandhi, Arjun Sethi, and Prasanna Sankar.
The company aims to utilize the funds to scale the team and further invest in product and engineering, it said.
Headquartered in New York City, Doola was founded in late 2020 by Arjun Mahadevan and JP Pincheira. It helps global entrepreneurs form US limited liability companies (LLPs) by supporting customers through the incorporation process and helps them collect payments legally.
Earlier, Doola was called StartPack which itself was a pivot from another startup, Standups.
According to the company statement, hundreds of companies have launched with Doola without their founders needing a US social security number to benefit from Doola’s products and services.
"This is our wedge to building the operating system for creators globally: from formation to financial to legal stack", said Arjun Mahadevan, CEO, Doola.
Nexus Venture Partners is an Indian early-stage venture capital firm partnering with entrepreneurs building product-first companies. It has invested in over 75 startups focusing on consumer retail, business services, healthcare, education as well as enterprise technology, according to its website.
Earlier this month, Nexus Venture Partners invested in the Silicon Valley-based artificial intelligence startup H2O.ai Inc. ( https://www.vccircle.com/nexus-backed-h2o-ai-raises-100-million-in-series-e-funding-at-1-7-billion-valuation )
Currently, Doola provides company formation, an EIN, a US address and bank account, access to US payments, tax consultations, US tax support, a phone number, and around $50,000 (around Rs 37 lakh) in startup perks.