Dougs, a French accounting startup, has been round since 2015. It already generates $16.4 million (€15 million) in annual recurring income. And it’s a bootstrapped firm, that means that it hasn’t opened its capital and raised any funding from VC corporations. However now, the corporate has determined to lift its first founding spherical.
Dougs raised $27 million (€25 million) from Expedition Development Capital, a British VC agency that’s in search of funding alternatives in bootstrapped corporations which have reached a sure stage of maturity. And Dougs appears to suit the invoice fairly properly as the corporate has 14,000 purchasers and is already worthwhile.
At its core, Dougs is an internet chartered accountant service for small and medium corporations. It handles your monetary statements and generates licensed tax filings. Behind the scenes, Dougs works with chartered accountants, authorized specialists, HR professionals, and so forth. However the firm has additionally designed its personal accounting software to enhance the connection between the Dougs workforce and its purchasers.
Specifically, purchasers can join Dougs with their financial institution accounts in order that the accounting platform can routinely fetch transactions. From the client portal, purchasers can add paperwork, receipts and extra. Dougs can even deal with expense stories and invoices, which implies that you should use Dougs to get an summary of your organization’s income — previous, current and future.
Moreover, Dougs can facilitate the incorporation course of. It can be used on your firm’s payroll. Dougs additionally offers authorized recommendation when wanted. In different phrases, the startup handles all the same old duties that might be dealt with by an accountant.
There are 250 individuals working for Dougs. With immediately’s funding spherical, the corporate expects to achieve the following stage by doubling the scale of its workforce by 2025. Up subsequent, the startup plans to develop to new international locations, akin to Germany and the U.Ok.
Dougs competes with different on-line chartered accountant providers, akin to Keobiz, Livli, Wity, and so forth. Some tech corporations like Pennylane are taking a unique method as they work with current accounting corporations to make them change from a legacy accounting software program resolution to a contemporary software-as-a-service platform.
However there’s room for a lot of corporations on this house as accounting corporations stay extraordinarily fragmented in France. Current accounting corporations working with old fashioned accounting purposes stay the default possibility for a lot of small and medium corporations.
