Nigeria startup Andela raises US$200m, acquires unicorn status

NIGERIA – Andela, a startup that connects African software engineering talent to global companies, has become the country’s newest startup to attain the unicorn status after raising US$200 million from investors. The firm, which is based in New York, is now worth US$1.5 billion. In the startup world, a unicorn is a company, mostly in the software or technology sector, valued at more than a billion dollars. Flutterwave and Opay, two other Nigerian fintech companies, reached that status earlier in 2021, coming behind Interswitch. Andela’s latest round of fundraising was…

Read More

Andela and Flutterwave launches early-stage investment fund

AFRICA – Andela, company that identifies and develops software developers, together with Flutterwave, a platform that provides payment service, launched an early-stage investment fund that will back up to 20 founders with up to US$50,000 of capital each year through the Future Africa initiative. Iyinoluwa Aboyeji, a co-founder of Andela and Flutterwave, announced this. Aboyeji has helped launch two of Africa’s best known and best funded startups, and having “retired” from Flutterwave in October 2018 he launched Future Africa last year alongside Olabinjo Adeniran and Adenike Sheriff. The initial aim…

Read More

Andela raises US$100m in a round led by former US Vice President’s firm

KENYA – Andela, Africa-focused software developer has announced a US$100 million Series D round of funding led by Generation Investment Management, an investment firm co-founded by former US vice president Al Gore. The funding regarded as one of the largest ever single rounds raised by an African-focused tech company and Andela’s biggest since 2014 seeks to expand the firm’s scope in software development on the continent. Other investors who participated in the round include existing investors such as Chan Zuckerberg Initiative, GV (Google Ventures), Spark Capital, and CRE Venture Capital.…

Read More