French accounting startup Dougs has been operating since 2015 and has already generated $16.4 million in annual revenue (€15 million) and is a new startup company. It means the company has not launched its own venture and has not raised capital from venture capital firms. But now it has decided to raise the first round of founders.
Dougs has raised $27 million (€25 million) from Expedition Growth Capital, a British venture capital firm that seeks investment opportunities in fast-growing companies with some degree of growth, and Dougs fits the bill. Perfect as the company has 14,000 customers and is already profitable.
Basically, Dougs is an online accountant service for small and medium-sized companies. Manage your financial statements and prepare certified tax filings. Behind the scenes, they work with a licensed accountant, legal expert, HR professionals, and many others.
However, the organization has additionally developed its own accounting software with the intention of enhancing the connection between the Dougs team and their clients.
In particular, customers establish a connection between Dougs and their bank accounts, allowing the accounting platform to effortlessly receive transactions in an automated manner.
Customers can upload documents, receipts, etc. from their customer portal. Dougs can also process expense reports and invoices. This means you can use Dougs to get an overview of your company’s earnings (past, present, and future).
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In addition, dougs can also speed up the incorporation process. It can also be used for company payroll. The Dougs also provide legal advice when required. In other words, the startup handles all the common tasks that an accountant would handle.
Dougs employs 250 people. With today’s funding round, the company plans to double the size of its team by 2025 and reach the next level. Thereafter, the startup plans to expand to new countries such as Germany and the UK.
The Startup competes with other online CPA services such as KeoBiz, Lively, and Witty. Some technology companies, such as Penny Lane, are taking a different approach when working with existing accounting firms to switch from traditional accounting software solutions to modern software. As a service platform.
However, due to the very decentralized distribution of accounting firms in France, there is room for more firms in this area. Many small businesses continue to opt for traditional accounting firms with obsolete accounting software as their default choice.
