Former US Vice President Al Gore’s investment firm, Generation Investment Management, is leading a $100 million funding round in software development firm, Andela.
This will bring Andela’s venture capital haul to $180 million to date. Generation Investment Management’s deal would be the third-largest venture investment ever for an African startup.
It would be recalled that in June 2016, Andela received funding from the Chan Zuckerberg Initiative and also raised an additional $40 million in a third venture capital funding round in 2017, bringing its total capital raised to $80 million led by CRE Venture Capital, a South African venture capital firm, and backed by DBL Partners, Amplo, Salesforce Ventures, and TLcom Capital. This financing round is likely the largest done by an African VC firm.
Andela commenced operations in Nigeria in 2014, to help global companies overcome the severe shortage of skilled software developers and invest in Africa’s top technical minds. It has offices in Nigeria, Kenya, Uganda, and the United States.
OLUFIKAYO OWOEYE
