Nigerian fintech Startup, Andela secures $100 million Series D funding led by Al Gore’s investment firm to build distributed Engineering teams around the world.
Nigerian financial technology company, Andela which trains developers in Nigeria, Uganda, and Kenya for contract work with U.S. companies, has secured $100 million in Series D funding to build distributed Engineering teams around the world.
The funding round was led by former U.S. Vice President Al Gore’s sustainability-focused investment firm, Generation Investment Management with participation from existing investors including Chan Zuckerberg Initiative, GV, Spark Capital, and CRE Venture Capital.
According to reports, Andela will use the funds to accelerate the development of its technology platform to identify, develop and match talent at scale. The company also plans to expand its presence across Africa to meet the global demand for high-quality engineering talent.
“It’s increasingly clear that the future of work will be distributed, in part due to the severe shortage of engineering talent,” says 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 the technology to power high-performing teams and help companies adopt the distributed model faster.”
The company, which was named the best place to work in Nigeria in 2018, operates in Nigeria, Kenya, Uganda, and Rwanda, and has about 1,100 developers on staff working for more than 200 companies, nearly 90 percent of which are located in the U.S, and is expected to be placing 10,000 developers with clients within the next several years.
The latest funding brings Andela’s venture capital haul to date to $180 million, after raising $24 million from the Chan-Zuckerberg Initiative in 2016 and another $40 million in 2017 led by African VC firm, CRE Venture Capital, with participation from GV (Google’s VC arm), the Chan Zuckerberg Initiative (CZI), Salesforce Ventures, Spark Capital, DBL Partners, Amplo, and TLcom Capital.