News Update

Doola raises $8 million in funding to extend its fintech suite and democratize access to the US financial ecosystem

• ByStartupStory     |    November 9, 2022

Doola, formerly known as StartPack, has announced a $8 million fundraising round headed by Nexus Venture Partners, with participation from the Y Combinator Continuity Fund and others.
Arjun Mahadevan and JP Pincheira started the company in late 2020, with headquarters in New York City.
Doola assists worldwide entrepreneurs in forming US LLCs by guiding them through the formation process, allowing them to safely collect payments, create credibility, remain legal, and generate more money. It includes company incorporation, an EIN, a US location and bank account, access to US payments, tax consultations, US tax assistance, a phone number, and more.

Nexus Venture Partners is a renowned early-stage venture funding firm that works with exceptional entrepreneurs to establish product-first businesses. Nexus manages $2 billion as a single team spanning the United States and India. Apollo, Aryaka, Clover Health, Delhivery, Druva, FingerprintJS, Hasura, H2O.ai, Infra Market, Kaltura, Mezi, Observe.ai, PaySense, Postman, Pubmatic, Quandl, Rancher, Sibros, Turtlemint, Unacademy, and Zomato are among the companies in Nexus’ portfolio. This latest round of funding follows a prosperous year and the launch of doola Banking, an easy method for LLCs from across the world to bank and establish credit in the United States. This marks the beginning of a new age for doola, which will focus on democratizing access to the US financial environment for all. “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.
Arjun Mahadevan, CEO, doola, said, “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. 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’re just getting started. It’s just the tip of the global iceberg for us.”

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