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 boost its first founding spherical.
Dougs raised $27 million (€25 million) from Expedition Development Capital, a British VC agency that’s on the lookout for funding alternatives in bootstrapped corporations which have reached a sure degree of maturity. And Dougs appears to suit the invoice fairly nicely as the corporate has 14,000 shoppers and is already worthwhile.
At its core, Dougs is a web based 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 consultants, HR professionals, and so on. However the firm has additionally designed its personal accounting software to enhance the connection between the Dougs staff and its shoppers.
Particularly, shoppers can join Dougs with their financial institution accounts in order that the accounting platform can robotically fetch transactions. From the shopper portal, shoppers can add paperwork, receipts and extra. Dougs also can deal with expense reviews 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 will also be used to your firm’s payroll. Dougs additionally gives authorized recommendation when wanted. In different phrases, the startup handles all the standard duties that may be dealt with by an accountant.
There are 250 individuals working for Dougs. With immediately’s funding spherical, the corporate expects to succeed in the following degree by doubling the scale of its staff by 2025. Up subsequent, the startup plans to broaden to new international locations, corresponding to Germany and the U.Okay.
Dougs competes with different on-line chartered accountant providers, corresponding to Keobiz, Livli, Wity, and so on. 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 answer to a contemporary software-as-a-service platform.
However there’s room for a lot of corporations on this area as accounting corporations stay extraordinarily fragmented in France. Current accounting corporations working with old style accounting purposes stay the default choice for a lot of small and medium corporations.