Xolo, a digital platform to support entrepreneurs and microbusinesses with their finances, has closed its Series A round on $6.8m.
The round was led by European venture firms Karma Ventures and Vendep Capital. Other contributors included Leap Ventures, United Angels and Contriber.
With the batch of funds, the company is hoping to grow operations across Europe and around the world.
Alongside the funding, the company has launched its virtual company service which will help professional freelancers around the world to ease interactions with national governments. Its aim is to cut the time of launching a new freelance business from weeks to minutes.
Founded in 2015, Xolo offers a suite of business services to help global freelances with access to banking, accounting, compliance and company formation needs. Xolo offers two products, Xolo Go and Xolo Leap.
The Xolo Go enables freelances to launch a business as a virtual company within minutes, complete with a bank account, invoicing, expense management and payouts. Its Xolo Leap service enables users to launch an EU-registered company with a full banking services, accounting, and tax compliance.
Xolo CEO Allan Martinson said, “Administrating independent professional business in a traditional way may take up to two days a month. Our aim is to cut that down to near zero by offering an incredibly simple online platform that merges company formation, banking, accounting, and other services. We’re taking care of the bureaucracy so that millions of talented professional freelancers can focus on running their businesses.”
As part of the deal, Karma Ventures partner Margus Uudam and Vendep Capital partner Sakari Pihlava will join the Xolo board of directors.
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