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Doola nurses new capital for its ‘business in a box’ tool targeting global founders

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Summary

Doola, a company founded in 2020 that helps global founders start a limited liability company in the United States, has raised an $8 million round of funding, bringing their total funding to just under $12 million. The company has helped thousands of companies from over 130 countries launch with its ‘business in a box’ tool and has seen its revenue growth increase sevenfold since 2021. The new funding will be used to grow the team and open offices, as well as to launch a new banking service and a credit product to help the U.S. Census’ project of over 5 million new business applications made in 2021.

Q&As

What kind of funding has Doola raised since it was founded in 2020?
Doola has raised just under $12 million in total funding since it was founded in 2020.

What services does Doola provide to help companies form LLCs?
Doola provides an EIN (employee identification number), a U.S. address and bank account, access to U.S. payments, a free tax consultation, U.S. tax support and a phone number.

How has Doola's revenue grown since 2021?
Doola has increased its revenue growth by seven times year to date.

What is Doola's "business in a box" tool intended to do?
Doola's "business in a box" tool is intended to help people go from zero to point one and get their business off the ground, and increase entrepreneurship globally.

What services is Doola launching with its partner Piermont Bank?
Doola is launching its own banking service with partner Piermont Bank, which enables customers to have a U.S.-based account and remotely bank from anywhere in the world using physical and virtual credit and debit cards and international wires.

AI Comments

👍 It's amazing to see how Doola is helping global founders start their businesses with their "business in a box" tool. It's great to see that they have raised $8 million in funding to help their mission and are creating new financial services to help entrepreneurs succeed.

👎 It's unfortunate that some countries require a Social Security number to form an LLC, which could be a difficult hurdle for some entrepreneurs to overcome. Additionally, it's important to remember that there are certain labor laws and tax guidelines to keep in mind when starting up remotely.

AI Discussion

Me: It's about Doola, a company that helps global founders start a limited liability company in the United States, even without a Social Security number. They recently raised an $8 million round of funding, giving them just under $12 million in total funding since they were founded in 2020.

Friend: Wow, that's a lot of money. What are the implications of this article?

Me: The implications of this article are that Doola is now able to offer a one-stop solution for compliantly forming a company, including more education on how to start a company, a new banking offering, and a soon-to-come credit product. This could make it easier for global founders to form LLCs in the US and make it more likely that people with businesses can succeed. Additionally, the article also highlights the importance of being aware of labor laws and tax guidelines when starting up remotely.

Action items

Research the labor laws and tax guidelines of the country you are starting a business in.
Utilize Doola's "business in a box" tool to help you form a limited liability company in the US.
Explore Doola's banking service with partner Piermont Bank to open a US-based account and access physical and virtual credit and debit cards and international wires.

Technical terms

MVP: Minimum Viable Product. This is a product with just enough features to satisfy early customers and provide feedback for future product development.
EIN: Employee Identification Number. This is a unique nine-digit number assigned by the IRS to identify a business entity.
U.S. Address: A physical address in the United States.
U.S. Payments: Payments made in U.S. dollars.
Tax Consultation: A meeting with a tax professional to discuss tax-related matters.
Tax Support: Assistance with filing taxes and understanding tax laws.
Nexus Venture Partners: A venture capital firm that invests in early-stage startups.
Y Combinator Continuity Fund: A venture capital fund that invests in Y Combinator companies.
Hustle Fund: A venture capital fund that invests in early-stage startups.
Piermont Bank: A U.S.-based bank that provides banking services to customers remotely.