Sunday, February 17, 2019
EconomyTechnology

Andela cashes in $100 million from round D funding

Andela has consistently been able to hit rooftop with its growth in income with funds acquisition and distribution. The brand has just had a successful fourth run of funding.

Andela was founded in 2004 by Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson and Christina Sass, and has over the years outsourced developers to international companies across the globe.

The brand’s module of operation is to recruit, train and outsource. Andela, trains engineers for six months, before outsourcing them. The company 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.

Like I said earlier, the brand has had a history of fundraising, which has helped it scale at different stages.

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.

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 brand has raised a whopping $100 million from Generation IM, which was established by former US Vice President Al Gore and one time Goldman Sachs Asset Management head David Blood.

As of 2017, the investing company had a solid revenue of $18.5 billion in assets under management. We wish Andela the best in their future runnings.

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