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Tuesday, March 21, 2023

Andela Raises $200m Series E Funding at $1.5 billion Valuation

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Andela, the global network for remote engineering talent, has announced $200 million in Series E financing that takes the company’s valuation to $1.5 billion.

The round was led by Softbank Vision Fund 2 with participation from new investor Whale Rock and existing investors, including Generation Investment Management, Chan Zuckerberg Initiative, and Spark Capital.

With the new capital, the company will invest in developing products to simplify global hiring and make engineers’ lives easier just as it will continue to expand its talent offering beyond software development to include new verticals such as design and data after launching Salesforce development earlier this year.

Speaking on the development, Mr Jeremy Johnson, CEO and co-founder of Andela said, “Andela has always been the high-quality option for those building remote engineering teams. Now that the world has come to embrace remote work, Andela has become the obvious choice for companies because we can find better talent, faster.

“If you are a talented engineer, Andela opens up a world of possibilities for you, no matter where you are based.”

As part of the new deal, Ms Lydia Jett, founding partner at SoftBank Investment Advisers and one of the most respected consumer technology investors in the world, will join Andela’s board of directors.

She noted, “Hiring remote technical talent is one of the top challenges that companies face today. We believe Andela will become the preferred talent partner for the world’s best companies as remote and hybrid work arrangements become the norm.

“We are delighted to support Jeremy and the Andela team in their mission to connect these companies with brilliant engineers, and in the process, unlock human potential at scale.”

According to Mrs Agnes Muthoni, Director of the Andela Learning Community, “This new round of funding enables Andela to strengthen our already extensive network of incredible talent in Africa and across the world, as we systematically connect the best software engineers with global opportunities.

“Being backed by a diverse group of renowned and experienced investors is a testament to the growing importance of remote work, and how Andela is at the forefront of helping companies scale their engineering teams at a rapid pace.”

Andela helps companies build remote engineering teams by providing them with access to the best software engineers in the world. Launched in Africa in 2014, the Andela network today represents engineers from more than 80 countries and six continents. Through Andela, thousands of engineers have been placed with leading technology companies, including Github, Cloudflare and ViacomCBS.

A fully remote organization with more than 300 employees around the world, Andela hires top talent across the board, particularly in product, engineering and growth.

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