The essential ingredient for the development of businesses in Nigeria and in most part of the world has proven to be the availability of funds and the aftermaths of managing the funds as they come.

Well, that's not the case with Andela, Africa’s leading developer training ground for international export. The startup, which we think has outgrown the Startup phase has her offices in Lagos Nigeria, Nairobi Kenya, Uganda, Rwanda, and the United States.

The company operates on an outsourcing module, which comes after six months of intensive training of Developers. Andela then outsources already seasoned developers and then bills its clients per worker and passes some of the revenues to the engineer as a salary. The rest is kept for running costs as well as recruiting and training new engineers.

The tech firm was established in 2004 by Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson and Christina Sass and has continued to outsource developers to international firms across the globe.

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

in 2019, the Start-up has gone on a series D funding and has cashed in a whopping $ 100 million dollars fund, with Generation MI being its main investor.

The reason for this investment due to the potential environmental benefits from lower commuting.

“remote collaboration, and allowing people not to get on planes, obviously has carbon benefits,

As of 2017, the investor had stocked in investment with over $18.5 billion in assets under management. Generation IM was founded in 2004, by former US Vice President Al Gore and one time Goldman Sachs Asset Management head David Blood.

Funding History
The reason I said earlier that Andela does not fit to be called a start-up is that the brand has successfully gone on a series of fundings and have been successful at growing and grooming its identity over the years.

In 2015, Andela raised $14 million as series A funding. In 2015, the firm raised $24 million as series B funding. Spark Capital and the Chan Zuckerberg Initiative (CZI) were the lead investors in the first two funding rounds.

What do you think about this News?

SOURCE >>> https://www.askifa.ng/what-you-should-know-about-andelas-100-million-funding/

Nice one