Estonian start-up Xolo raises 6.8 million US dollars

Estonia-based Xolo (formerly known as LeapIN) has secured 6.8 million US dollars for its ‘virtual company service’ that allows pro freelancers from across the globe to launch and manage part of their business.

Originally founded in 2015 in the wake of Estonia’s launch of the much-publicised e-Residency programme, Xolo’s Series A round of funding came from Karma Ventures, Vendep Capital and Leap Ventures.

Xolo aims to make it easier for people to establish and run micro-businesses, offering 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.

Allan Martinson, Xolo’s CEO, said: “We are focusing on 40 million professionals globally who have chosen to run their business independently. Estimated one million new freelancers start their professional journeys each year. Our ultimate goal is an absolutely seamless service that brings time spent on administrating a freelance business to zero.”