Pule Taukobong, Founding Partner of CRE Venture Capital (CRE VC), will be joining the Andela Board of Directors. This is as a result of CRE VC leading the $40 million Series C funding round for Andela.
DBL Partners, Chan Zuckerberg Initiative, GV, Spark Capital, Amplo, Salesforce Ventures, and TLcom Capital also participated in the funding round which is one of the largest investments ever led by an Afrikan venture capital company into an Afrika-based technology company.
Android Learning Community participants at Andela's Nigerian HQ in Lagos. | Photo Credit: Rotimi Okungbaye.
“At present, there is more capital to fund ideas globally than there are people to build them. Andela is providing a solution to this global talent dilemma while building a business case for one of Africa's greatest assets: our people,” said Taukobong in a press release announcing Andela's Series C funding round.
Taukobong also revealed to iAfrikan that the motivation for CRE VC to lead the latest funding round in Andela was mostly as a result of the long history between the 2 companies.
"We were Andela’s first institutional investor, and have in fact grown side-by-side with the company for over 3 years now. Our strong relationships and experience across Afrika uniquely position us to be a meaningful catalyst for the company’s growth going forward." said Taukobong.
Launched in 2014, Andela invests in Afrika’s most talented software developers through educating them and placing them on projects with their clients. Some of these clients include industry leaders such as Viacom and Mastercard Labs and high-growth technology companies like GitHub and Gusto. The main aim of Andela is to help address the global technical talent shortage.
Andela hopes to use the capital for expansion into two new countries in Afrika, likely doubling its developer base from 500 to 1,000. Currently, it has offices in Lagos, Nigeria, Nairobi, Kenya, and Kampala, Uganda, Details around the next 2 countries Andela will be expanding to are not yet available as Seni Sulyman, Country Director at Andela Nigeria, told iAfrikan that "we are yet to confirm where the next Andela locations will be."
Also joining Taukobong on Andela's Board is Julia Gillard, former Australian Prime Minister and Amplo Board Partner, and Omobola Johnson, Senior Partner at TLcom and former Minister of Communication Technology in Nigeria.