EXPEDITION GROWTH CAPITAL takes majority stake in DOUGS

Expedition Growth Capital led a 50 million euro funding round in Dougs, the Lyon-based online accounting firm, announced on 15 October 2026. The London growth equity firm had already invested in the company’s first round of 25 million euros in 2023, and managing partner Oliver Thomas led the transaction. The round was primary, with the company issuing new shares rather than existing ones changing hands, which diluted the co-founders and individual shareholders, among them chief executive Patrick Maurice, Véronique Maurice, Sarah Jaouani and Florent Galland. The deal valued Dougs at an enterprise value of €50–100M, on annual recurring revenue of €50–100M, and brought the total raised by the company to 75 million euros. At the time of the deal, Dougs served more than 50,000 active clients, mostly companies with fewer than ten employees, and employed over 800 people in France, including 250 at its Bron site near Lyon. It had been profitable since inception and self-funded until its first external round in 2023. The new capital was earmarked for proprietary artificial intelligence and automation technology, developed by a technical team of more than 120 people working on conversational agents and in-house models to automate accounting workflows. Dougs also planned to broaden its platform across accounting, legal and financial management, and to strengthen its presence in France through partnerships with independent firms rather than large networks, while studying the opening of physical contact points. It intended to double the floor space of its Bron offices. In September 2026 it had added banking services, with accounts and cards offered in partnership with Qonto.