Dougs raises 50 million euros in funding

Dougs, a Lyon-based company, announced on October 15 a fundraising of 50 million euros from Expedition Growth Capital. This follows a previous fundraising round in July 2023, where it secured 25 million euros. Founded in 2015, Dougs developed an online accounting expertise solution and has since expanded its offerings to include business creation, domiciliation, legal formalities, payroll management, a professional account through a partnership with Qonto, and a billing portal, as the company holds the status of an approved platform under the mandatory electronic invoicing reform. Dougs operates on a SaaS subscription model and primarily targets small businesses, typically with no more than five employees. The startup currently claims to have 50,000 clients and an annual recurring revenue of 50 million euros.

"We equip a little more than 1% of French entrepreneurs. We should rank among the 30 largest accounting firms in France by number of clients, and this without any external growth operations," stated the CEO and co-founder. While accounting remains its historical core business, Dougs has gradually broadened its offerings to become a multifunctional platform, contributing to the convergence between accounting technology and neobanks.

The recent funding is expected to enable Dougs to continue investing in artificial intelligence, particularly through the development of an assistant for its clients. This assistant will allow clients to integrate their accounting data with external economic information to better "master their costs and optimize their performance." The launch of this assistant is anticipated within a maximum timeframe of four weeks.

Additionally, the funding will facilitate the evolution of Dougs' business model. "The trend of pure SaaS has somewhat faded," noted the CEO. "Starting in 2027, we will offer physical presence. We are not going to open an office, but we will enhance our offerings by allowing clients to meet a representative in person, who will act as a sort of business coach. This will also help break the isolation of business leaders." Notably, recruitment plans are in place, as Dougs aims to expand its team from 800 to 1,000 employees by 2027.

Reported by Journal du Net.