Evaluating only Jeeves’s profile at its peak — without knowing the outcome — the model ranked Unit economics as the #1 likely cause. That’s exactly how it died.
Key Events Timeline
FOUNDING
Founded in New York; corporate cards for LatAm startups
FUNDING
Raised $66M Series B; expanded across LatAm and Europe
Multiple rounds of layoffs; exited multiple markets; credit losses mount
Full Analysis
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Documented cause
Jeeves was founded in 2019 as a global corporate card and expense management platform specifically targeting venture-backed startups in Latin America, Canada, and Europe. It raised $180 million including a $100 million Series C in 2022 at a $2.1 billion valuation, backed by Andreessen Horowitz. The company offered credit limits based on startup funding rather than revenue history, extending cards to companies with zero revenue. When the 2022-2023 startup funding drought hit LatAm especially hard, the companies Jeeves served either failed or drastically cut spending. Credit losses mounted, and Jeeves laid off 30% of its workforce in late 2022 and again in 2023, effectively exiting multiple markets.
Lesson
“Extending credit based on venture funding history rather than revenue creates a loan book whose risk is perfectly correlated with the VC cycle. When funding dries up, your customers and their ability to repay you dry up simultaneously.”