US-based fintech player Doola, operated by Distributed Inc, on Tuesday raised $8 million (about Rs 65 crore) in a funding round led by Nexus Venture Partners.
According to a statement, the round also participation from the Y Combinator Continuity Fund, HustleFund, Chris Adelsbach, Sahil Bloom, Alex Cohen, Bart Macdonald, Vibe Capital, among others.
The venture plans to utilize these funds to accelerate its operations that entail helping entrepreneurs around the globe kickstart their business operations in the US.
“Growing Doola’s team will allow us to launch new products and iterate on existing products. We let data, customer feedback, and demand drive our product innovation. We are excited for this next stage of growth for our company.” said Arjun Mahadevan, Doola’s co-founder and chief executive officer.
The firm raised a $3-million funding in November last year, led by Nexus Venture Partners. It used those funds to scale the team and further invest in product and engineering.
This fundraise comes after the fintech player launched Doola Banking, an offering that allows limited liability companies the globe to bank and build credit in the US.
Headquartered in New York City, Doola was founded in late 2020 by Arjun Mahadevan and JP Pincheira. It helps global entrepreneurs form US 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.
“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,” said Jishnu Bhattacharjee, managing director at Nexus Venture Partners.
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.