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Andela raises $100 million in new funding round
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The $100 million Series D round brings the total venture funding raised by Andela since its inception to $180 million.
Andela, a software developer training and outsourcing company, has announced the completion of a $100 million Series D round, bringing the total venture funding raised by Andela since its inception in 2014 to $180 million.
This latest round was led by Generation Investment Management, an investment firm co-founded by former United States Vice President, Albert Arnold Gore. Other investors that participated in the round include Chan Zuckerberg Initiative, a philanthropic organisation backed by the founder of Facebook; Google Ventures, Spark Capital and CRE Venture Capital.
“Andela has been a critical player in Nigeria’s technology revolution,” Omowale David-Ashiru, Andela’s Country Director for Nigeria, told Business Insider. “Due to our unwavering commitment to our mission throughout the last four years, Andela has grown into a thriving platform for hundreds of technologists in Nigeria. With this investment, Andela will accelerate the development of Africa’s best tech talent in Nigeria and beyond.”
Headquartered in New York, Andela had expanded its Africa operations from one campus in Nigeria to Kenya, Uganda and Rwanda. In four years, it has processed more than 100,000 applications and placed more than one thousand software developers in partner-companies ranging from the Fortune 500 to high-growth tech startups such as InVision and Cloudflare.
“Generation’s investment in Andela resulted from our deep research into the future of work,” said Lilly Wollman, Co-Head of Growth Equity at Generation Investment Management. “We believe Andela is a transformational model to develop software engineers and deploy them at scale into the future enterprise.”
According to CB Insights, a research firm, the $100 million funding would be the third-largest venture investment ever raised for an African startup.
With the Series D funding, Andela will accelerate the development of its technology platform to identify, develop and match talent at scale. It will also provide customers with the data they need to understand developer performance and better manage distributed teams. It is projected that Andela will double in size, hiring another one thousand software developers and investing heavily in data, engineering, and product development in 2019.
“It’s increasingly clear that the future of work will be distributed, in part due to the severe shortage of engineering talent,” said Jeremy Johnson, Co-founder and CEO of Andela. “Given our access to incredible talent across Africa, as well as what we’ve learned from scaling hundreds of engineering teams around the world, Andela is able to provide the talent and technology to power high-performing teams and help companies adopt the distributed model faster.”
Iyinoluwa Aboyeji, the co-founder of Andela, had left the company in 2016 to head Flutterwave, a payment technology company he founded. Two years later, he resigned as the CEO of the Flutterwave.
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