Ghana’s Fintech Startup, Float Secures $17 Million to Provide Liquidity To African SMBs.

According to research, 85% of African SMBs have zero access to financing, and each day, African SMBs have billions locked up in receivables due to long payment cycles. This leads to cash flow problems that cause businesses to be late on important expenses and fulfilment of new orders.

Jesse Ghansah and his co-founder Barima Effah want to answer these problems with their newly launched startup Float.

Ghansah is a serial entrepreneur. Since leaving the university in 2014, he has co-founded several tech startups but made his mark globally with OMG Digital, a startup with offices in Ghana and Nigeria that wanted to become the “BuzzFeed of Africa.” In 2016, OMG Digital was one of the first African companies accepted into Y Combinator.


Startup Funding: Andela Announces $200M Investment Led by SoftBank.

Andela, which helps companies hire remote technology staff, has raised $200 million in new funding led by Softbank with participation from new investor Whale Rock.

A global network for remote technical talent, Andela has revealed that it has raised $200 million in Series E funding, valuing the firm at $1.5 billion. Softbank Vision Fund 2* led the round, which included new investor Whale Rock as well as current investors such as Generation Investment Management, Chan Zuckerberg Initiative, and Spark Capital.

Lydia Jett, a co-founder of SoftBank Investment Advisers and one of the world’s most well-known consumer technology investors, will join Andela’s Board of Directors.

Andela assists companies in forming remote engineering teams by connecting them with the greatest software engineers on the planet. The Andela network, which began in Africa in 2014, now includes engineers from over 80 nations across six continents. Thousands of engineers have been placed in leading technological firms such as GitHub, Cloudflare, and ViacomCBS thanks to Andela.

Andela has always been the high-quality option for those building remote engineering teams. Now that the world has come to embrace remote work, Andela has become the obvious choice for companies because we can find better talent, faster,” says Jeremy Johnson, CEO, and co-founder of Andela. “If you are a talented engineer, Andela opens up a world of possibilities for you, no matter where you are based.

With a successful placement rate of 96%, Andela has mastered the ability to evaluate the technical skills and soft skills of engineers to match them to the teams they’ll be most successful in. With the new capital, the company will invest in developing products to simplify global hiring and make engineers’ lives easier.

In addition, Andela will continue to expand its talent offering beyond software development to include new verticals such as design and data after launching Salesforce development earlier this year.

Hiring remote technical talent is one of the top challenges that companies face today. We believe Andela will become the preferred talent partner for the world’s best companies as remote and hybrid work arrangements become the norm,” said Lydia Jett, Partner at SoftBank Investment Advisers. “We are delighted to support Jeremy and the Andela team in their mission to connect these companies with brilliant engineers, and in the process, unlock human potential at scale.

This new round of funding enables Andela to strengthen our already extensive network of incredible talent in Africa and across the world, as we systematically connect the best software engineers with global opportunities”, says Agnes Muthoni, Director of the Andela Learning Community at Andela. “Being backed by a diverse group of renowned and experienced investors is a testament to the growing importance of remote work, and how Andela is at the forefront of helping companies scale their engineering teams at a rapid pace.

A fully remote organization with more than 300 employees around the world, Andela is hiring top talent across the board, particularly in Product, Engineering, and Growth.


African Startups Raised $350 Million in Quarter One, 2020

Venture funding in the first quarter of the year for African startups reached $350 million according to data from Briter Bridges, a tech ecosystem data consultancy. South Africa, Nigeria, Kenya and Egypt topped the funding charts. These 4 countries also received the largest share of funding in the whole of 2019. Notable receipts in the period between January and March this year include the $55 million debt and equity financing raised by Jumo, a financial services company based in Cape Town.