We advised Tencent as lead investor in the new round

Davis Polk advised Tencent on its participation in Jeeves’s $180 million Series C round that values the company at $2.1 billion. The equity financing was led by Tencent and includes participation from GIC, Stanford University, Andreessen Horowitz (a16z), CRV and several other investors.

Jeeves is an all-in-one corporate spend and expense management platform for businesses in global markets including Mexico, Colombia, Chile, Peru, Canada, the United Kingdom and Europe. Jeeves’s proprietary infrastructure offers cash, corporate cards and cross-border payments, which allows companies to spin up their finance function within minutes. Jeeves can handle multiple currencies for payback. In the last 12 months, the company has raised more than $380 million. Jeeves will use the capital to fuel its global expansion, scale its proprietary infrastructure to cover more currencies, acquire talent and accelerate the onboarding of new companies to the platform. 

The Davis Polk corporate team included partner Miranda So, counsel – registered foreign lawyer Xi Shi and associates registered foreign lawyers Joo Park and Sangsoo (Eddie) Lee. Partner Jai R. Massari provided financial regulatory advice. Members of the Davis Polk team are based in the Hong Kong and Washington DC offices.