Doola, a New York-based startup that helps international entrepreneurs set up businesses in the United States, has raised $ 3 million in seed funding. The funding round was led by Nexus Venture Partners and brought the startup’s total funding to $ 3.6 million.
In addition to Nexus Venture Partners, Y Combinator, a startup accelerator, also participated in the funding. Other funders include Hustle Fund, Psion Capital, Translink Investment, as well as a group of angel investors.
Doola first appeared in 2020 as StartPack when he walked away from another startup called Standups. Co-founded by Arjun Mahadevan and JP Pincheira, the startup specializes in helping non-U.S. Residents form LLCs in America.
LLCs are a kind of middle ground between sole proprietorships and corporations, protecting the owner’s personal assets from commercial debts. Starting an LLC can be a tedious process that involves a lot of paperwork. This can be exceptionally tricky for foreign nationals, especially since you must have a physical address in the state before setting up an LLC.
Doola covers every step of the LLC formation process, including providing a US address and bank account, obtaining a corporate employee identification number or EIN, and collecting and completing all training materials, US tax assistance, tax consultation, and a phone number. On top of that, customers have access to a registered agent, a legal requirement to form an LLC in the United States, and $ 50,000 in start-up rewards.
With Doola’s help, entrepreneurs are free to operate legally in the United States, avoiding the usual hurdles that keep non-US residents out of the market. Doola’s LLC Starter Pack will set you back $ 349 per year + state filing fees.
But according to Mahadevan, the startup is more than just a training service.
“We are a full-service financial technology company,” said the co-founder. “Training is our tool for building the operating system for creators around the world: from training to the financial stack to the legal stack, providing technical, educational and personal support every step of the way.”