Doola, a US-based fintech company run by Distributed Inc, raised $8 million (roughly Rs 65 crore) in a funding round led by Nexus Venture Partners on Tuesday.
The round included participation from the Y Combinator Continuity Fund, HustleFund, Chris Adelsbach, Sahil Bloom, Alex Cohen, Bart Macdonald, and Vibe Capital, among others, according to a statement.
The venture intends to use these funds to expand its operations, which include assisting entrepreneurs from around the world in launching their businesses in the United States.
Nexus Venture Partners led a $3 million funding round for the company in November of last year. It used the funds to expand the team and invest more in product and engineering.
This round of funding comes after the fintech company launched Doola Banking, a service that allows limited liability companies from around the world to bank and build credit in the United States.
Arjun Mahadevan and JP Pincheira founded Doola in late 2020, with headquarters in New York City. It assists global entrepreneurs in forming US LLPs by guiding them through the incorporation process and assisting them in collecting payments legally.
Doola was previously known as StartPack, which was a spinoff from another startup, Standups.
Nexus Venture Partners is an early-stage venture capital firm based in India that works with entrepreneurs to build product-first businesses. According to its website, it has invested in over 75 startups focusing on consumer retail, business services, healthcare, education, and enterprise technology.
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