After bootstrapping for 8 years, accounting startup Dougs raises $27 million

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 companies. However now, the corporate has determined to lift its first founding spherical.

Dougs raised $27 million (€25 million) from Expedition Growth Capital, a British VC agency that’s looking for investment opportunities 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 specialists, HR professionals, and many others. However the firm has additionally designed its personal accounting software to enhance the connection between the Dougs crew and its shoppers.

Particularly, shoppers can join Dougs with their financial institution accounts in order that the accounting platform can mechanically fetch transactions. From the client portal, shoppers can add paperwork, receipts and extra. Dougs can even deal with expense studies and invoices, which implies that you need to use Dougs to get an outline of your organization’s income — previous, current and future.

Moreover, Dougs can facilitate the incorporation course of. It will also be used in your firm’s payroll. Dougs additionally offers authorized recommendation when wanted. In different phrases, the startup handles all the standard duties that might be dealt with by an accountant.

There are 250 folks working for Dougs. With immediately’s funding spherical, the corporate expects to succeed in the subsequent degree by doubling the scale of its crew by 2025. Up subsequent, the startup plans to develop to new nations, resembling Germany and the U.Okay.

Dougs competes with different on-line chartered accountant companies, resembling Keobiz, Livli, Wity, and many others. Some tech corporations like Pennylane are taking a special method as they work with present accounting companies 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 house as accounting companies stay extraordinarily fragmented in France. Present accounting companies working with old style accounting purposes stay the default possibility for a lot of small and medium corporations.