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

By Christine Hall, Tage Kene-Okafor
September 29, 2021

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.

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