Estonia’s LeapIN rebrands as Xolo, raises $6.8 million to make it easier to launch and run a one-person freelance business
Xolo (formerly known as LeapIN), an all-in-one SaaS platform for solopreneurs, bringing together banking, company formation, accounting and compliance, has secured $6.8 million for its ‘virtual company service’ that allows pro freelancers from across the globe to launch and manage part of their business. The round was led by European venture firms Karma Ventures (Estonia), Vendep Capital (Finland), and Leap Ventures (France).
As part of the funding, the startup also announced the launch of a new form of entrepreneurship and the launch of a revolutionary form of entrepreneurship. The new “virtual company” service will enable millions of professional freelancers to radically reduce the complexity and cost of engaging with national governments and operate in a borderless world. The service will cut the time needed to launch a freelance business from weeks to minutes.
Originally founded in 2015 by Avo Alender, Erik Mell, Erko Hansar, and Urmo Pärg, the Tallin, Estonia-based Xolo makes it easier for people to establish and run micro-businesses by providing an online platform that helps them with online company formation, access to banking, invoicing and accounting services, and to reduce the complexity and cost of engaging with national governments and administration service providers.
Xolo is focusing on 40 million professionals globally who have chosen to run their business independently. Its aim is to reduce time spent on business administration to near zero by offering an incredibly simple online platform that merges company formation, banking, accounting, and other services.
Xolo is the quickest and easiest way to launch and run a one-person freelancing business in Europe. Its largest markets are Germany, Spain, France, the UK, Ukraine, and Turkey. Xolo’s typical customers are software developers, management consultants, designers, or other independent professionals.
“We are focusing on 40 million professionals globally who have chosen to run their businesses independently. An estimated one million new freelancers start their professional journeys each year. Our goal is a seamless service that brings time spent on administrating a freelance business to zero,” Allan Martinson, Chief Executive Officer at Xolo, said.
Xolo will now offer two products: Xolo Go and Xolo Leap. Xolo Go will launch freelancing businesses in minutes complete with dedicated bank accounts, invoicing, expense management and payouts. Xolo Leap helps launch EU-registered companies with full banking, accounting and tax compliance services based on Estonia’s e-Residency system.
“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.” Martinson continued.
“Xolo is the quickest and easiest way to launch and run a one-person freelancing business in Europe. Germany, Spain, France, the UK, Ukraine and Turkey are our largest markets, with 93% recommending our service” said Martinson.
“We’re fascinated by Xolo’s vision of powering the revolution of free work. This, combined with the company’s proven service and talented team, is a formula for success,” said Margus Uudam, Partner with Karma Ventures.
Commenting on the funding, Sakari Pihlava, Partner at Vendep Capital, said: “Xolo is building something revolutionary – an interface between the micro-businesses and the governments that eliminate the complexity of reporting and compliance.”