Dougs raises €50M from Expedition Growth Capital to move from automated bookkeeping to agentic accounting

Lyon-based Dougs has raised €50 million from Expedition Growth Capital, its only outside investor, which first backed the company with €25 million in 2023 after eight years of bootstrapping.

Founded in 2015 by chartered accountants Patrick Maurice, now CEO, and Florent Galland, COO, Dougs is not software sold to accountants: it is a regulated accounting firm that owns the client relationship and runs the work on its own technology. It serves more than 50,000 small businesses, has passed €50 million in annual recurring revenue, has been profitable since inception and has grown more than 50% a year for a decade, with gross margins above 80% against an industry norm below 50%.

Bookkeeping is already produced by AI. The money goes to agentic systems that take over more of production, with the next milestone being financial statements generated autonomously and then reviewed and signed by an accountant, plus wider legal and financial management services and a partner network across France. The target is €100 million of ARR and 100,000 customers.

The read: the regulatory licence and ten years of workflow data are the moat; the AI makes each accountant serve more clients.