Thursday, 6 July 2023, Bengaluru, India
A French accounting startup called Dougs has existed since 2015. It already generates an annual recurring income of $16.4 million (€15 million). Additionally, the business is bootstrapped, meaning no venture capital firms have contributed to its finance. However, the industry has now chosen to raise its initial foundation round.
Expedition Growth Capital, a British venture capital firm that seeks out investment opportunities in bootstrapped businesses that have attained a particular level of maturity, provided $27 million (€25 million) to Dougs. And given that the industry has 14,000 clients and is currently profitable, Dougs seems to be a good fit.
Dougs is primarily an online chartered accountant service for small and medium-sized businesses. It manages your accounting records and creates certified tax returns. Dougs collaborates with chartered accountants, attorneys, HR specialists, and other professionals. However, the business has also developed its accounting software to enhance communication between the Dougs team and its clients.
For the accounting platform to automatically fetch transactions, clients can link Dougs to their bank accounts. Clients can upload papers, receipts, and more through the customer portal. You can use Dougs to gain a snapshot of your company’s past, present, and future revenue because it can also handle expense reports and invoices.
Dougs can also make the incorporation procedure easier. Additionally, you can utilise it for payroll at your business. In addition, Dougs offers legal counsel when required. In other words, the startup takes care of all the typical responsibilities of an accountant.
Doug’s employs two hundred fifty people. By tripling the size of its staff by 2025, the company hopes to advance with the investment it received today. The startup’s next step is to grow into additional nations like Germany and the U.K.
Other online chartered accountant services, such as Keobiz, Livli, Wity, etc., compete with Dougs. When working with current accounting businesses to convince them to transition from an outdated accounting software solution to a contemporary software-as-a-service platform, some digital companies, like Penny Lane, are adopting a different strategy.
However, there is a possibility for many businesses in this market because France still needs a more cohesive accounting industry. Many small and medium-sized companies still use existing accounting firms and outdated accounting software as the default option.
[Source of Information: Techcrunch.com]