Andela today announced a Series A funding round. Led by Spark Capital, the new funding, Spark’s first investment in Africa, will help Andela maintain its growth in Nigeria and Kenya while expanding across the continent to meet the growing demand for Andela’s world-class training.
Among other investors that took part in the funding round are Omidyar Network and LearnCapital.
Launched in Lagos, Nigeria in 2014, Andela was co-founded by Iyinoluwa “E” Aboyeji, a serial Nigerian entrepreneur who was educated in Canada before returning home to help start the company.
“Spark Capital prides itself on identifying companies with the potential to transform an industry, and we see that potential in Andela,” commented Spark Capital general partner Alex Finkelstein, who is joining the Andela board. “Offering talent-as-a-service, Andela is tapping into the world’s most underutilized resource – human capital – and leveraging it to empower global enterprises to thrive.”
“Spark’s investment in Andela will help accelerate our efforts to empower young people across the continent with the skills they need to perform at the highest levels of the global technology industry,” said Aboyeji. “After completing their four-year long commitment to Andela, we expect Andela developers to go on to found the companies that will transform the tech landscape in Africa and beyond. Andela’s mission is personal. It reflects a lifelong goal to help young Africans like me make the most of a world-class education and contribute to the digital economy, lifting themselves – and our continent – along the way,” he explained.
“We are proud to be the lead impact investor in Andela,” said Amy Klement, partner at Omidyar Network. “It is highly unusual to find a company with the potential to become not just a global business, but a powerful engine for social impact, and Andela is just that sort of enterprise. Andela embodies the idea of a mission with a business.”
Andela’s seed funding investors include Steve Case, Omidyar Network, Founder Collective, Rothenberg Ventures, LearnCapital, Melo7 Tech Partners and Chris Hughes.
*UPDATE*: TechCrunch reports that the funding is worth “well over $10 million.”
UPDATE 2: According to filings on the US Securities and Exchange Commission (SEC) website, the actual funding value is $14.6m. The headline has been updated to reflect the new information.
Nigerian startups raised $377m in 2019, more than twice what they did in 2018. Find out more when you download the full report.