Former U.S. Vice President, Al Gore’s sustainability-focused investment firm, Generation Investment Management, is leading a $100 million funding round in Andela, Bloomberg reports.
This brings the company’s venture capital funding to about $180 million to date, according to filings on the U.S. Securities and Exchange Commission (SEC) website.
- 2014 – $331,500, Seed
- 2015 – $14.6m, Series A
- 2016 – $24m, Series B
- 2017 – $40m, Series C
- 2019 – $100m, Series D
In 2015, Andela raised $14.6 million in series A funding led by Spark Capital. Omidyar Network and LearnCapital also took part in the funding round.
About a year after, the company announced a Series B funding round of $24 million led by the Chan Zuckerberg initiative in 2016, alongside existing investors Spark Capital, Omidyar Network, LearnCapital and CRE Venture Capital. The plan was to use the funding raised to scale the talent accelerator platform across Africa.
In 2017, CRE Venture Capital led a Series C funding round of $40 million in Andela. TLcom Capital, Amplo, Salesforce Ventures, DBL Partners, as well as existing investors Chan Zuckerberg Initiative, GV and Spark Capital also participated.
With Andela currently in operations in Nigeria, Kenya, Uganda and Rwanda, the new funding will help the company on-board more developers and scale to more African countries.
Lilly Wollman, Partner & Co-Head, Growth Equity Strategy at Generation Investment Management, expects the company to be placing 10,000 developers with clients “within the next several years”.
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Nigerian startups raised $17.6m in Q1 2019, 8.5% higher than they did in Q1 2018. Find out more in the latest quarterly edition of the Nigerian Startup Funding Report here.