The Series C round valued Jeeves at $2.1 billion.

Jeeves, the company operating a global expense management platform and an issuer of corporate cards, raised $180 million in a Series C round led by Tencent (HKG: 0700) with participation from GIC, Stanford University, Andreessen Horowitz (a16z), CRV, Silicon Valley Bank, FT Partners, Clocktower Ventures, Urban Innovation Fund, Haven Ventures, Gaingels, Spike Ventures, the family offices of two FAANG founders, and Carlo Enrico, president of Latin America and the Caribbean for Mastercard. (TechCrunch)

The startup raised $57 million in a Series B round in September at a valuation of $500 million. The Series C has therefore come within a mere six months at a valuation 4X of that.

Jeeves was launched through Silicon Valley’s well-known incubator Y Combinator.

Impressive growth

“When we started Jeeves it would’ve been hard to imagine this level of growth, scale and usage this quickly,” wrote Dileep Thazhmon in a blog announcement. “Our first 12 months were solely focused on product – building our proprietary infrastructure – the powerhouse behind our platform. In March 2021, we made our official launch to the public.”

“Fast forward to today and within one year of our public launch we have crossed $1B in annualized gross transaction volume (GTV) with more than 3,000 companies in 24 countries that we are privileged to power.”

Use of funds

Jeeves will use the latest funding to boost its platform infrastructure by including more currencies and to expand into new territories including Europe, Latin America and Canada.

It also plans to add new employees beyond its current strength of 150 employees.

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