Dougs is a French startup that offers online accounting services for small and medium businesses. Founded in 2015, the company has grown organically and reached $16.4 million (€15 million) in annual recurring revenue. Dougs has also achieved profitability without raising any external capital.
But that is about to change, as Dougs has announced its first funding round of $27 million (€25 million) from Expedition Growth Capital, a UK-based VC firm that specializes in investing in bootstrapped companies with high growth potential. Dougs plans to use the funds to expand its team, product and international presence.
Dougs provides a comprehensive accounting solution that covers everything from financial statements and tax filings to payroll and legal advice. The company works with a network of chartered accountants, legal experts, HR professionals and other specialists to deliver high-quality service to its clients.
But Dougs also stands out with its own accounting software, which automates many tasks and streamlines the communication between the Dougs team and the clients. The software connects to the clients’ bank accounts and fetches transactions automatically. It also allows clients to upload documents, receipts, invoices and expense reports. Clients can access their financial data and projections from the customer portal.
Dougs can also help clients with the incorporation process and other administrative tasks. In short, Dougs is a one-stop shop for all accounting needs for small and medium businesses.
Dougs has 14,000 clients in France and aims to double its team size by 2025. The company also plans to enter new markets, such as Germany and the UK, where it sees a strong demand for its services.
Dougs faces competition from other online accounting services, such as Keobiz, Livli, Wity and more. Some tech companies like Pennylane are also trying to disrupt the accounting market by partnering with existing accounting firms and offering them a modern SaaS platform.
However, Dougs believes that it has a unique value proposition and a loyal customer base. The company hopes that its first funding round will help it scale up and become a leader in the online accounting space.