Company
5 min read

doola’s next chapter: Expanding our fintech suite and democratizing access to the US financial ecosystem

Published on
November 8, 2022
Read all about our $8M fundraise, led by Nexus Venture Partners with participation from the Y Combinator Continuity Fund and more incredible investors + what’s ahead for doola.
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doola’s next chapter: Expanding our fintech suite and democratizing access to the US financial ecosystem

Today, I’m very proud to announce that doola has closed an $8M round of funding from Nexus Venture Partners with participation from the Y Combinator Continuity Fund and other amazing investors. We’re doing this to help founders globally access American entrepreneurship by democratizing access to the US financial ecosystem and empowering anyone to turn their dream idea into their dream business.

Before getting into the details of what this means, I want to take a second to reflect on our journey as a company so far.

A (brief) history

When I was 6 years old, I immigrated to America.

My parents did this so that my brothers and I would have access to the opportunity that America held.

In a nutshell, this is what @doolaHQ does for US and non-US founders around the world: provide access to American entrepreneurship.

doola's mission

doola started with a dream: What if you could click a button and not just "form" a company but use software and tech-enabled services to help you run and grow it?

This was a pain we had felt ourselves, and thought there had to be a better way...

We quickly realized there was a massively underserved market out there, and after going through @ycombinator, we raised $3M.

As Y Combinator says during the batch, as a startup, there are two major things you should be doing:

  1. Talking to users
  2. Building product

Post YC, we didn't stop doing this...

From talking to users, we learned that founders didn't want to just "form" a company...

They wanted a long-term partner to help them run and grow their business.

So we built a business-in-a-box 🎁.

From talking to users, we learned that oftentimes they just wanted to talk to a human for a few minutes to clear out any final doubts — starting a company is scary!

So we launched free consultations, no strings attached.

From talking to users, we learned about new legislation that had passed summer of 2021 allowing DAOs to register as LLCs...

So we built doola DAOs — becoming the first platform to allow DAOs globally to form an LLC in the US from anywhere in the world 🔮.

From talking to users, we learned that many people wanted to form multiple companies with us.

So we built a company formation API.

Now any company can sell/white-label/offer formation, banking, and taxes, fully powered by doola 🪄.

From talking to users, we learned that getting a bank account is the ultimate job-to-be-done and that getting that first dollar from a customer FAST is so key.

So we built doola Banking, allowing founders to open a US bank account remotely and build credit 💳.

From talking to users, we learned that the biggest barrier for getting started is oftentimes confusion about what the IRS requires around tax filings.

So we built doola Total Compliance: Complete compliance, taxes, and bookkeeping — all in one place.

And the most important thing we learned from talking to users is they love @doolaHQ.

We track WoW (week over week) revenue growth at doola...

... and we also tracked WoW Trustpilot growth. Every week.

Customer love is a primary metric; our customers mean the world to us ❤️.

(PS: don't take my word for it... check out the reviews from 100s of founders online.)

Where to next?

There’s one thing for sure: We will not stop talking to users and building product 😃.

But where exactly are we heading?

Our playbook is out in the open.

A picture is worth a thousand words or, in this case, a thousand tools.

This is the reality for founders launching a business: an incredibly fragmented market and the need to connect many tools and services.

Small business fintech landscape

In summary, there isn't a single unified source to support global businesses.

Until now.

doola in the fintech landscape

What it will take to achieve our mission

What will it take to achieve this?

A company is its people, and at doola, we like to call ourselves… 👽 doolians 👽.

And to achieve our mission it will only be possible if we can assemble an “out-of-this-world team.”

We're blessed to be working with some incredible doolian 👽 investors and angels 👽:

and more...

And we're blessed to have a 👽 doolian 👽 team of such incredibly talented and hard-working individuals from every corner of the globe.

PS: We're hiring! If you want to become a doolian and work with some of the most talented people I've ever met, DM me.

Access to American entrepreneurship

Like I said after our $3M round, patting ourselves on the back for the progress so far and raising more money is like congratulating a chef for buying the ingredients...

... well now we have even more ingredients ...

... we’ve been cooking (it’s a good thing my nickname is Chef Boyarjun and the entire doola team likes to cook #doolaeats) ...

... and now it’s time for our product to get its first Michelin stars ⭐⭐⭐.

So, do you have a friend who's been talking about starting a company for a while?

Well, now you know what to do...

Tell them to #justdoolait

(and if you want, you can even make some $ doing it by becoming a doolainfluencer).

We can't wait for what's next, and we couldn't have done it without every one of our customers, doolians, investors, advisors, family members, friends, and partners.

Thank you so much to everyone 🙏.

And to everyone who has told a friend about doola, thank you ❤️.

You're helping them turn their dream idea into their dream business.

And ultimately, whether they live in the US or anywhere in the world, you're helping them access American entrepreneurship 🇺🇸.

Watch out 👀.

We've got big things cooking.

Our work at doola is far from complete; we’re just getting started. It’s just the tip of the global iceberg for us 🏔.

Let's doola it 🚀!

Doola's website is for general information purposes only and doesn't provide official law or tax advice. For tax or legal advice we are happy to connect you to a professional in our network! Please see our terms and privacy policy. Thank you and please don't hesitate to reach out with any questions.
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BIO
Arjun Mahadevan
CEO and Co-Founder
Co-founder at doola, previous Product Manager at Dropbox, and an alum of the Wharton School of Business. He’s personally processed over 100 applications and spoken to 500 customers.

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