Estonia-based Xolo secures €6M funding, launches world’s first virtual company

Estonia-based Xolo secures €6M funding, launches world’s first virtual company

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Xolo (formerly known as LeapIN), the online platform for launching and running one-person businesses anywhere in the world has announced the completion of $6.8million (€6 million) Series A funding, 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. Xolo’s investment round was led by European venture firms Karma Ventures (Estonia), Vendep Capital (Finland), and Leap Ventures (France).

The company has been offering a full suite of services for global freelancers from 2015, including an online company formation service, banking, accounting and compliance. The new offering will bring that concept further by removing the last obstacles to launching a business.

Allan Martinson, Chief Executive Officer at Xolo, said:

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.

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.

Martinson continued:

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. Xolo is the quickest and easiest way to launch and run a one-person freelancing business in EuropeGermanySpainFrance, the UK, Ukraineand Turkey are our largest markets, with 93% recommending our service.

Margus Uudam, Partner with Karma Ventures, said:

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.

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.

— Press release

Stay tuned to Silicon Canals for more updates in the tech startup world.

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