This archive report was first published on 30 September 2021.
On September 30, 2021, Andela, a software company founded in Lagos, Nigeria in 2014, announced that it had raised $200 million in its series E funding round, bringing its total valuation to $1.5 billion.
The funding round, which was led by SoftBank, also saw participation from Whale Rock, Generation Investment Management, Chan Zuckerberg Initiative, and Spark Capital.
As part of the investment, Lydia Jett, founding partner at SoftBank Investment Advisers, will join Andela's board of directors.
The company plans to use the funding to expand its workforce, particularly in product, engineering, and growth, as well as invest in growth, technology, and product development.
This investment marks SoftBank's second lead investment in quick succession in Africa, following its $400 million Series C round in fintech platform OPay just a month prior.
