Stanford has contributed to a $26m series A for Jeeves, which was announced concurrently with a $5m seed round and $100m in debt financing.
Jeeves, a US-based all-in-one expense management platform, emerged from stealth yesterday with $26m in series A funding backed by Stanford University, according to TechCrunch.
Andreessen Horowitz led the series A round, which also featured Y Combinator’s YC Continuity Fund, Jaguar Ventures, Urban Innovation Fund, Uncorrelated Ventures, Clocktower Ventures, 9 Yards Capital, BlockFi Ventures and assorted angel investors.
The series A was disclosed concurrently with a $5m seed round completed in 2020, although TechCrunch only identified William Hockey, co-founder of fintech developer Plaid, as a participant in that round.
Jeeves additionally secured $100m in debt financing.
Jeeves has built an expense management platform aimed at startups primarily in Latin America. Its offering includes physical and virtual cards, up to 4% cashback on transactions and the ability to pay in any currency.
The company is building its own infrastructure, rather than relying on third-party providers. It is currently active in the US, Canada, Colombia and Mexico, its largest market, and it is beta testing its service in Brazil and Chile.
The equity funding has been allocated to onboarding more clients from its waitlist, scaling its infrastructure across additional countries and currencies, expanding the product offering and recruiting more staff.
Angela Strange, general partner at Andreessen Horowitz, is joining Jeeves’ board of directors.