[Funding alert] doola, formerly StartPack, raises $3M led by Nexus Venture Partners

StartPack announced today that they have rebranded to Doola and have raised $3 million in financing. The funding round was led by Nexus Venture Partners with participation from YCombinator, Hustle Fund, Psion Capital, Translink Investment, and other all-star angels, including Jacqueline Reses, Dharmesh Shah, Ankur Nagpal, Rohini Pandhi, Arjun Sethi, and Prasanna Sankar.

According to a company statement, the funds will be used to scale the team and further invest in product and engineering.

doola was founded in late 2020 by Arjun Mahadevan and JP Pincheira, with its HQ in New York City.

The startup helps global entrepreneurs form US LLCs by supporting customers through the incorporation process so they can confidently collect payments, build credibility, stay legal, and make more money. doola provides company formation, an EIN, a US address and bank account, access to US payments, tax consultations, US tax support, a phone number, $50,000 in startup perks, and more.

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Today, hundreds of companies have launched with doola, and their founders didn’t need a US social security number to benefit from doola’s products and services, according to a statement from the company.

Arjun Mahadevan, CEO, doola, said, “doola is not just a formation service; we’re a fintech company. This is our wedge to building the operating system for creators globally: from formation to financial to legal stack. Our work at doola is far from complete; we’re just getting started. It’s just the tip of the global iceberg for us.”

Commenting on the investment, Jishnu Bhattacharjee, Managing Director at Nexus Venture Partners stated,

“Creators and independent entrepreneurs want to focus on their crafts that they love. However, to build businesses around their crafts, they would also need to take care of unexciting but necessary backend business management functions (like incorporation, compliance, taxes, banking, payments, etc.), for which they usually do not have expertise, nor interest, nor the time those activities demand. doola is set to address just that: so solopreneurs can do what they love and are best at, while doola takes care of the rest."