Lyon-based Dougs, a technology company that provides accounting and financial management services to small businesses, has raised €50 million in funding. The company helps small businesses manage their accounts and finances through its technology platform and professional services.
The funding came from Expedition Growth Capital, a growth investment firm with offices in London and Boston. The firm invests in fast-growing software and AI companies founded and owned by entrepreneurs, helping them expand their businesses and become leaders in their markets.
“We are chartered accountants who happen to write our own software. That is the whole point,” said Patrick Maurice, CEO and co-founder of Dougs.
“We can automate accounting production because we have done the work ourselves for ten years and know what good looks like. Every improvement in AI models makes our service faster and cheaper, while our regulatory licence and the scale of our client base are very hard to copy. With this round, we will finish automating production and use the time it frees up to get closer to our clients,” added Maurice.
“Automating most of the bookkeeping was only the starting point. AI lets us go much further and rethink how accounting is actually produced. We built our own agentic platform, with a harness that plugs straight into our tools and encodes our accounting expertise. Our accountants work with it every day, and it’s already running entire stages of production end to end. The next milestone is financial statements generated autonomously, then reviewed and signed off by an accountant. AI does the heavy lifting while our accountants bring the judgement,” said Florent Galland, COO and co-founder of Dougs.
Founded in 2015 by chartered accountants, Dougs is registered with the French Order of Chartered Accountants. The company has been profitable since it started and funded its growth on its own until its first funding round in 2023. Unlike companies that sell accounting software to accountants, Dougs works directly with businesses and manages their accounting and financial needs.
Dougs offers a range of services through its platform, including company registration, accounting, legal support, payroll, invoicing, and business banking. It also provides certified electronic invoicing services and wealth management through a separate subsidiary.
The company now serves more than 50,000 businesses and generates over €50 million in annual recurring revenue (ARR). Dougs says it has maintained annual growth of at least 50% for the past decade.
Dougs will use the new funding to improve its AI and automation technology, expand its accounting, legal, and financial management services, and strengthen its presence across France by building a network of local partners.
