Dost: The AI software empowering companies and taking the market by storm

Dost, founded in 2021 by Adam Barbera, Fernando Martín, and Naqqash Abbassi, brings together three entrepreneurs with deep expertise in financial innovation and artificial intelligence. Their mission in creating Dost was to help businesses scale efficiently by automating financial processes, harnessing advanced AI models, and seamlessly integrating with a wide array of ERP systems and data sources.

What makes Dost unique in the market?

Dost has developed a proprietary generative model designed to automate and intelligently process supplier invoices, delivery notes, and purchase orders. This technology reduces administrative costs by up to 80% and eliminates human error entirely. Moreover, Dost’s intelligent platform manages document receipt and data capture through its unique supplier portal, performs data extraction and line-by-line reconciliation, facilitates the implementation of necessary approval workflows, and integrates with leading ERP systems, providing a unified management system and a single, comprehensive view of all accounts payable information within an organisation.

Continued growth of Dost

Over the past three years, Dost has demonstrated impressive growth, securing the trust of major companies across industries such as manufacturing, construction, automotive, and logistics. The company projects an Annual Recurring Revenue (ARR) of $1M in 2024, reflecting a threefold increase from the previous year, with the expectation of tripling this figure again by 2025. The company’s workforce has doubled this year to over 20 employees, with plans to recruit an additional 10 professionals in 2025.

Dost has firmly established itself as the leading solution for automating invoices, delivery notes, and purchase orders in Spain, with over 100 large corporate clients and more than two million accounting transactions processed to date. Notable clients include Housfy, Solarprofit, PrimaPrix, and IASO. This strong market position can be attributed to the advanced platform developed by Dost’s specialised AI product and engineering team, led by CTO and co-founder, Naqqash Abbassi.

New funding round and next steps

In early September, Dost successfully closed a $1.6 million (€1.5M) funding round, co-led by Angels Capital, the investment firm of Juan Roig, president of Mercadona, and Born Capital, a US-based fund specialising in finance technology. The round also attracted investment from Angel Invest Ventures, BStartup from Banco Sabadell, and several prominent business angels such as Andreas Mihalovits, alongside previous investors including Draper B1, Eoniq, and Tokavi.

With this recent injection of capital, Dost is accelerating its international expansion across Europe, with a primary focus on entering the UK market, which represents a key opportunity for growth. The company also has its sights set on entering the US market by 2025, continuing its trajectory of success on a global scale.