Total amount raised
$381 Millions
Latest funding date
Location
Andela has successfully raised $200 million in its Series E funding round, achieving a valuation of $1.5 billion. The platform operates the world’s largest private marketplace of skilled digital talent, offering services that include compliance, payroll, and talent management.
Keep reading to explore the intricacies of Andela's fundraising journey and the investors backing this innovative platform.
What Is Andela?
Andela, founded on May 21, 2014, in New York, connects businesses with vetted, remote engineers from emerging markets. The company was established by Brice Steven Nkengsa, Christina Sass, Ian Carnevale, Iyinoluwa Aboyeji, Jeremy Johnson, and Nadayar Enegesi.
Specializing in providing on-demand software engineering talent, Andela operates the world’s largest private marketplace of skilled digital talent. Their services include compliance, payroll, and talent management, ensuring a seamless hiring process for companies.
With a workforce of 251-500 employees, Andela leverages an AI-powered platform to optimize the hiring process, making it easier for businesses to find the right talent quickly and efficiently.
How Much Funding Has Andela Raised?
- Angel Round
- Amount Raised: Not publicly disclosed
- Date: July 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to kickstart operations and develop the platform.
- Seed Round
- Amount Raised: $5.8K
- Date: May 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To validate the business model and begin building the initial team.
- Seed Round
- Amount Raised: $3M
- Date: September 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand operations and scale the platform.
- Series A
- Amount Raised: $14M
- Date: June 2015
- Lead Investors: Spark Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance the platform's capabilities.
- Series B
- Amount Raised: $24M
- Date: June 2016
- Lead Investors: Chan Zuckerberg Initiative
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the talent pool and improve service offerings.
- Venture Round
- Amount Raised: Not publicly disclosed
- Date: January 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing operations and strategic initiatives.
- Series C
- Amount Raised: $40M
- Date: October 2017
- Lead Investors: CRE Venture Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale the business and enhance technology infrastructure.
- Series D
- Amount Raised: $100M
- Date: January 2019
- Lead Investors: Generation Investment Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand globally and diversify service offerings.
- Series E
- Amount Raised: $200M
- Date: September 2021
- Lead Investors: SoftBank Vision Fund
- Valuation at Round: $1.5 billion
- Motivation Behind the Round: To develop products for global hiring and expand talent offerings beyond software development.
Total Amount Raised: $381.8M. Current Valuation: $1.5 billion.
Key Investors
- SoftBank Vision Fund 2
- Details: A venture capital fund managed by SoftBank Investment Advisers. It focuses on investing in technology-driven companies that are poised for significant growth.
- Investment Focus Areas: Technology, AI, robotics, telecommunications.
- Notable Investments: Uber, WeWork, DoorDash.
- Generation Investment Management
- Details: A sustainable investment management firm co-founded by former U.S. Vice President Al Gore. The firm focuses on long-term investments in sustainable businesses.
- Investment Focus Areas: Sustainability, long-term growth, environmental responsibility.
- Notable Investments: Asana, DocuSign.
- Chan Zuckerberg Initiative
- Details: A philanthropic organization founded by Facebook's Mark Zuckerberg and his wife Priscilla Chan. It aims to advance human potential and promote equality.
- Investment Focus Areas: Education, science, social justice.
- Notable Investments: AltSchool, Byju's.
- Spark Capital
- Details: A venture capital firm that invests in startups across various stages and sectors. It is known for its early-stage investments in high-growth technology companies.
- Investment Focus Areas: Consumer, commerce, fintech, software, media.
- Notable Investments: Twitter, Oculus, Slack.
- Whale Rock
- Details: An investment firm that focuses on technology and consumer sectors. It aims to invest in companies with strong growth potential.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Not publicly disclosed.
What's Next for Andela?
Andela's future looks promising as it aims to simplify global hiring and expand its talent offerings beyond software development to include design and data. With a network of engineers from over 80 countries, the company is well-positioned to meet the growing demand for remote technical talent. The recent $200 million Series E funding, led by SoftBank Vision Fund 2, underscores the vast opportunities ahead.
Future fundraising seems likely, given the significant backing from high-profile investors. However, scaling operations and maintaining quality as the company grows will be challenging. Navigating the competitive landscape of remote work platforms will also require strategic planning and execution.
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