Dooly is an American technology company that has recently made the news with its venture capital fundraising efforts. It is a company to keep your eye on. Dooly has experienced a surge of growth and expansion in the short time that it has been in operation and it's showing all the signs of becoming one of the next big players in the software industry. To help you become better acquainted with the fairly new startup, here are 20 things you probably didn't know about Dooly.
1. Dooly is a relatively new company
Dooly was founded in January of 2016. It has only been in business for five years, but in that amount of time, it has made significant progress in capturing a share of the market activity in its niche of the software and tech industries. The co-founders of Dooly are Justin Vaillancourt and Krist Hartvigsen. Both are new entrepreneurs and this is the first business that either of them has launched. Even though they're embarking on a new venture, they're seasoned professionals who are finding success in their very first venture. This in itself is fairly remarkable. It shows what you can accomplish when you have a good idea and you're willing to take a risk and put your thoughts into action.
2. Dooly is a versatile startup that falls under four industry categories
According to Crunchbase, Dooly is listed under four major classifications within the business world and it is categorized under four major industries. The main focus of Dooly is to produce software solutions for its clients. The products are powered by artificial intelligence technology. They provide sales automation features that take it into the arena of the sales automation market, as well as the computer industry.
3. Dooly goes by a few different names
Dooly is largely referred to simply as Dooly, however, it is also listed under a few different names. It is also known as Dooly.ai. The legal name of the business is registered as Dooly Research Ltd. Don't be confused if you run into any of these business names because it is all the same company.
4. Dooly is a Canadian based startup
The founders of Dooly set up this business in the country of Canada. The headquarters for the enterprise is located in Vancouver, British Columbia, Canada. Although it's Canadian, Dooly has a reach that extends far beyond Canadian borders. The software solutions are available to clients throughout the world.
5. Dooly has the potential to become a game-changer
Although it's still early in its developmental phase, Dooly is a company that has the earmarks of becoming a major player in the Software-as-a-Service industry. It is going through a period of fundraising to expand its current product offerings and reach to businesses throughout the world. Dooly's main focus is providing a platform that enables clients to more quickly and efficiently close sales with their customers. Enhancing sales closures through automation is an essential function that has the potential to change the way companies sell their products. Dooly's solutions help to enhance and streamline these processes. This is in part why the company is finding popularity with businesses.
6. Dooly provides useful information for clients
Dooly is a cloud-based platform that provides an automated collection system for mining customer information for professionals in the sales department of companies. It brings relevant data together in one convenient place, to provide salespeople and those involved with customer success with data that helps them better close sales deals. It is designed to save hours spent on administrative tasks, and automatically perform functions that would otherwise take staff hours to complete. This is a part of the service that it has to offer. It's an attractive proposition that can cut down on the time spent searching for customer data, and it helps salespeople to have fast access to useful information at critical points in the sales process.
7. Dooly is a venture capital-backed business
Dooly has received substantial support through several rounds of venture capital funding. The total amount that it has raised is $102.3 million. It has participated in a total of five funding rounds with the most recent, a Series B round that closed on May 20, 2021. The latest round was led by Spark Capital with a total of seven investors joining the round to raise $80 million in funding.
8. Dooly secured funding one year after its founding
The owners and co-founders of Dooly moved quickly to efficiently pitch the reasons why investors should consider Dooly a wise investment. They were skillful in attracting the attention of several large venture capital firms. The first money raised for Dooly was in the form of non-equity assistance with one anonymous investor raising an undisclosed amount on October 22, 2017. The seed round of funding closed on May 22, 2018, led by ScaleUp Ventures, joined by three additional investors, raising $2 million.
9. Investor confidence is high in Dooly
A round of Series A funding for Dooly closed on March 3, 2021. The fundraising event was led by Addition along with 11 other investors and raised a total of $17 million. The latest round of funding concluded a little over two months later. This shows that investor confidence in Dooly is high. Dooly has 4 lead investors and a total of 21 investors.
10. Dooly is led by a four-member executive team
Dooly has a small team of executive leadership, but it has proven to be a strong and dynamic group of talented professionals. The team consists of Kris Hartvigsen, a co-founder, and the chief executive officer. Justin Vaillancourt is the other co-founder who serves as the chief technology officer. Marg Jung is the head of Marketing. Ellie Hutton is the head of customer success. The company has only been in operation for a few short years and although it has achieved a high level of success, it has grown and expanded at an impressive pace.
11. Dooly's board of directors is also small
Dooly's board of directors is made up of a two-person team. Ed Sim joined the newly developed board on March 3, 2021. Ed is a founder and managing partner of Boldstart Ventures. This is a venture capital investor that has made significant investments in Dooly. Sim is currently involved with two portfolio companies. The second board member is Will Reed. Will joined the board for Dooly in May of 2021. Mr. Reed is a general partner at Spark Capital, an investment company that currently supports the fundraising efforts of Dooly. It is also one of the lead investors. Mr. Reed currently sits on a total of 3 boards in advisory roles.
12. Dooly uses complex technology
While Dooly's website and platform provide users and visitors with a seamless and easy-to-use platform, the technology that is at work behind the scenes is complex. There is a total of 40 different technologies that are used for the Dooly website, including Viewport Meta, iPhone Mobile Compatible, SPF, HTML5, Google Analytics, and jQuery among others. The 40 technologies used to power Dooly's website are distributed among 27 technology products.
13. Dooly pays a high overhead cost for technology
While some may wonder why so many millions of dollars in funding are necessary, it's important to understand that the overhead costs of operating companies like Dooly are high. The annual cost of technology for Dooly is estimated to be around $119.8 thousand. This is just to power the website and the platform and it doesn't account for the staff salaries and other expensive monthly or yearly costs.
14. Dooly is popular in a surprising European company
Although Dooly is a Canadian company, the majority of its web traffic comes from another country. Of the 37,849 average monthly visits to the website, an astounding 49 percent of the web traffic originates in Poland. The second highest interest group comes from viewers from the United States, which makes up 42 percent of the traffic. It also shows the most significant growth rate at 12.26 percent monthly. Visitors from Belgium make up two percent of the total as well as the United Kingdom, also at 2 percent, and surprisingly, Canadian viewers make up just one percent of the total number of monthly visits.
15. Dooly has a small workforce
According to its LinkedIn page, Dooly is operating with a fairly small workforce. It has 36 people working for the company. Granted, it's a startup that can get a lot done with a small group of talented professionals, but there are only 36 people currently employed with the company. This just goes to show you what can be accomplished with a focused group of people who are working toward the same goal. It is expected that Dooly will soon grow and expand its workforce, however. It has received ample funding from investors to expand and grow its team of professionals, to accomplish its goals for growth and expansion of its products and the features that clients need to become more successful in their business ventures.
16. Dooly is currently hiring
It looks as though Dooly is gearing up for a significant wave of expansion in its workforce. There are 14 new job openings listed on its LinkedIn profile. There is one opening listed in the United States, with the other 13 for workers from Canada. Most of the positions are listed as remote jobs. This means that the workers will not work from the headquarters, but rather from their own homes and report through virtual meetings. Most of the new jobs are in the software development field, with a few that focus on developing customer relationships. This is exciting news for the small company as it is seeking to expand its current workforce by not quite double the current numbers of staff. It appears that Dooly is getting ready for a new push to grow and expand within Canada and the United States.
17. Dooly's products take care of the busywork for companies
A great deal of work goes into data capturing and then categorizing the information about clients and potential customers just to come up with the best strategies for closing sales. According to Techcrunch, Dooly's platform has gained traction in the business world by automating the processes that previously cost businesses a lot of time and expense. Special algorithms powered by artificial intelligence are doing this work for its clients, to allow staff to focus on closing sales deals instead of trying to figure out who their customers are and what they want and need.
18. Dooly has some impressive investors
The most recent round of Series B venture capital funding was led by a couple of large financial firms. Spark Capital, along with Greenspring, Lachy Groom, Box Group, Boldstart Ventures, Tiger Global, and Addition are the investors that participated. Numerous repeat investors believe Dooly is going to provide a good return on the millions of dollars they've invested in its infancy. Dooly is well-positioned to become a leader in its niche of the industry.
19. Dooly is privately held
So far, there has been no indication that Dooly plans to go public. The company is still a privately owned entity that raises funds from private investors in the venture capital arena. This isn't an investment option that you will find listed on any of the public stock exchanges, at least, not for now.
20. Dooly is on its way up
We also learned that the current valuation of Dooly is estimated to be around $300 million. Although it's less than a third of the way there, if Dooly follows its current trajectory, and continues to raise funds and expand, we could see another unicorn in the making. The short period of two months in between its Series A and Series B rounds of fundraising is an indicator that there is a strong push to move forward in its expansion. With investor confidence high and the funding being made available, there's a strong likelihood that Dooly will take off in grand style within the next 12 months. It's a company that bears watching.
Written by Allen Lee
Read more posts by Allen Lee