ICT

African tech company Andela raises $100 million in series D funding

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Andela, an African company that identifies and develops Africa’s most talented software developers to help companies scale with high-performing teams, has raised $100 million in series D funding, in which Generation Investment Management  (Generation IM) led the funding round.

Generation IM was founded in 2004, by former United States Vice President Al Gore and one time Goldman Sachs Asset Management head David Blood.

Before the current funding round, Andela had raised a total of $78 million in three funding rounds. In 2015, the tech firm raised $14 million as series A funding and $24 million as series B funding. The first two funding rounds were led by Spark Capital and the Chan Zuckerberg Initiative (CZI).

In 2017, a funding round which raised $40 million as series C funding, was led by CRE Venture Capital, a South African Venture Capital firm, and backed by DBL Partners, Amplo, Salesforce Ventures, and TLcom Capital.

Co-Head of Growth Equity at Generation Investment Management, Lilly Wollman, who spoke on the development, noted that the private equity firm believes there is room for growth in Andela’s area of operations.

She said “the global demand for software engineers far exceeds supply, and that gap is projected to widen. Andela’s leading technology enables firms to effectively build and manage distributed engineering teams. We are great admirers of the outstanding team, mission and culture Andela has built across two continents and five countries”.

According to Andela’s Country Director, Omowale David-Ashiru, the proceeds of the fund will be used for expansion. He said “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”.

Andela was founded in 2004 by Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson and Christina Sass. The firm outsources developers to tech firms across the world. The tech firm has offices in Lagos, Kenya, Uganda, Rwanda, and the United States.

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