From the bustling streets of Mexico City to the sun-kissed beaches of Rio, entrepreneurs across Latin America are thriving with budding talent, a maturing startup ecosystem, and the resources to grow their dreams into reality.
The decision to build Jeeves in Latin America, specifically in Mexico, was an easy one. For one, the stage of the market was right. People and companies were and continue to be coming online in waves. This digital demand shift requires greater access to different types of technologies for almost every vertical. That’s an exciting time to be building something - and something that we at Jeeves couldn’t pass up.
Secondly, Latin America is seeing a rising population of second-time founders. These founders tend to be much more risk-tolerant and are the lifeblood of what is pumping out amazing companies out of LatAm. We’re also seeing a rise in high-quality talent. Combine the two and you have the potential to create the next generation of global-leading companies.
Last but not least, we’ve seen an exponential increase in capital in the region - even compared to just a few years ago. This is a huge catalyst for the pace of growth we’ve been seeing throughout companies in Latin America and a key factor that helped solidify our decision to build up Jeeves in LatAm.
All in all, Latin America is entering its golden era for tech. However, it still lacks the basic infrastructure, making it difficult to do what most people in Silicon Valley take for granted. With tremendous opportunity and many underserved founders - Latin America became an essential focus for Jeeves. To this day, Latin America continues to be one of our largest served markets.
Jeeves selects our partners carefully - ensuring our values, passions, and missions are fully aligned. Our partnership with Latitud was an easy decision with the common goal to help build and uplift Latin America’s startup ecosystem. Latitud has proven to be a pillar for entrepreneurs in Latin America with resources and support for the tech ecosystem. Jeeves believes that Latitud has become the place for Latin American founders to start (and grow) their ventures in Latin America. Combining forces together, we can remove many of the barriers that exist for entrepreneurs and build an easier path for entrepreneurs to succeed.
Just as Jeeves has provided many Latin American founders access to the payment rails, corporate cards and credit they need to build their companies, Latitud is building a startup community of more than 700 founders - building up Latin America’s startup ecosystem of top-notch operators and high-calibre talent. Products like LatitudGo, for example, remove unnecessary barriers for founders when it comes to structuring their legal entities and legal documentation. With our most recent expansion into Brazil, we are excited to leverage Latitud as a strategic partner to help us expand our own community and customer base within the country.
Jeeves was built from a personal struggle I was facing while building my first company, PowerInbox (now Jeeng). With offices in both the US and Israel, it would take us 30 days after the month-end close to get an idea of our cash position for the month before.
This issue wasn’t unique to us. This happens to any company with offices or employees in more than one country. When I look at the makeup of companies today - most are global. Unfortunately, the financial infrastructure they use remains local and country-specific. That’s the core problem Jeeves is solving.
Jeeves now serves over 4,000 companies across 25 countries around the world. The company is now valued at $2.1 billion after its most recent Series C round led by Tencent in March 2022, where it raised $180 million - quadrupling its valuation in 6 months.
Together with Latitud, we’ll be embarking upon different ways to support founders in Latin America’s growing tech ecosystem. Latitud supports founders from their inception, and Jeeves will help businesses as they scale. Jeeves provides valuable tools for companies, like multi-currency corporate credit cards, expense management, and non-dilutive funding to support businesses. These tools, partnered with Latitud’s support, will give founders a boost of support. Together, we’ll be hosting events, programs, and special offers throughout the year, with the goal of supporting entrepreneurs at their most critical and vulnerable times. We’re excited to share what’s to come.