Thursday, April 18

SoftBank sinks $200M into Andela, propels company into unicorn territory

Andela, a fully remote company that helps tech companies build remote engineering teams (initially from Africa but now a global market), is currently valued at $1.5 billion following a $200 million Series E round led by SoftBank’s Softbank Vision Fund 2, the $30 billion venture fund of SoftBank Group.

Joining SoftBank in the investment was new investor Whale Rock and existing investors including Generation Investment Management, Chan Zuckerberg Initiative 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, according to Crunchbase data. Its last valuation of $700 million came when the company raised a $100 million Series D in 2019. Continue reading

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