Andela raises $200M Series E funding, led by Softbank, at a $1.5B Valuation

The global network for remote engineering talent, Andela, today announced Series E financing worth $200 million and the company is valued at $1.5 billion. The new round was led by Softbank Vision Fund 2, the $30 billion venture fund of SoftBank Group with participation from new investor – Whale Rock, and existing investors such as: Chan Zuckerberg Initiative, Generation Investment Management, and Spark Capital.

After closing this Series E round, Andela has raised a total of $381 million since being founded in Lagos, Nigeria in 2014. Its last valuation of $700 million came when the company raised a $100 million in Series D – 2019.

Founding Partner at SoftBank Investment Advisers and one of the most respected consumer technology investors in the world, will join Andela’s Board of Directors.

Andela helps companies build engineering teams remotely by providing them with access to the best software engineers in the world.

According to the CEO and co-founder of Andela, Jeremy Johnson, “Andela has always been the high-quality option for those building remote engineering teams. Now that the world has come to embrace remote work, Andela has become the quality choice for companies because we can find better talent faster.”

“If you are a talented engineer, Andela opens up a world of possibilities for you, without considering your location,” he added.

Starting as an African-focused software developer training and outsourcing company, Andela grew to become a premier source for talented, well-rounded developers in Africa. Two years after launching, the company got a $24 million infusion, led by Facebooks’ Mark Zuckerberg, who followed up with a visit.

Andela’s network today represents engineers from more than 80 countries and 6 continents; thousands of engineers have been placed with leading technology companies including Github, Cloudflare, and ViacomCBS.

“This new round of funding enables Andela to strengthen our already extensive network of incredible talent in Africa, and across the world, as we systematically connect the best software engineers with global opportunities,” says Agnes Muthoni, Director of the Andela Learning Community at Andela.

Having recorded a successful placement rate of 96%, the company says it has mastered the ability to evaluate the technical skills and soft skills of engineers to match them to the teams they’ll be most successful in.

With the new capital, the company says it will be investing in developing products to simplify global hiring and make engineers’ lives easier. It will continue to expand its talent offering beyond software development to include new verticals such as design and data after launching Salesforce development earlier this year.

A fully remote organization with more than 1000 employees and over 200 participating companies around the world, Andela is hiring top talent across the board particularly in Product, Engineering, and Growth.

In 2016, Africa minted its first unicorn in e-commerce, Jumia, and waited three years later to get another – Interswitch. The continent has seen four already this year, and now has five in total. With many first-time investors like SoftBank returning to write back-to-back checks and Andela becoming only the second non-fintech unicorn produced on the continent.

Editorial Team

We uniquely tell the story of African startups in the Fintech, Tech and Startup space. Get your story feature on StackPrneur: Email: [email protected]

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