ETF News

Expense management firm Jeeves raises $180 mln at $2.1 bln valuation

SAO PAULO, March 22 (Reuters) - Expense management platform for startups Jeeves raised $180 million in a funding round that values it at 2.1 billion, the company said on Tuesday.

The round was led by Tencent Holdings and also included Singapore’s sovereign wealth fund GIC, U.S. venture capital firm CRV and several other funds.

Jeeves, which was launched through Silicon Valley’s prominent incubator Y Combinator, develops financial structures to help high-growth startups manage expenses more comprehensively, including payroll and vendor payments, also offering credit lines in the countries where it operates.

The company said in a statement that it will use the new investment to expand its international operations, including tapping into the Brazilian market.

“We know Brazil provides good opportunities and we hope to expand our business at a good scalability to the Brazilian market,” said Fernando Torres, Jeeves’ chief operating officer in the country.

Jeeves currently has 150 employees in 10 different countries, from where it serves about three thousand companies worldwide.

Reporting by Aluisio Alves; Writing by Peter Frontini Editing by Marguerita Choy