Elsewhere online
June 16, 2016

African Tech Firm Draws Chan-Zuckerberg Fund's 1st Big Investment

The Chan Zuckerberg Initiative, the $45 billion philanthropic entity established by Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, is leading a financing round for Andela, a Nigerian company that trains software engineers and places them with major technology firms, according to Quartz.

It is the first major investment and first time leading a capitalization round for the limited-liability company Mr. Zuckerberg and Ms. Chan founded last year, following the birth of their daughter, with a pledge of 99 percent of their Facebook stock and a goal of “improving this world for the next generation.”

GV, the venture-capital arm of Google parent company Alphabet, and the Omidyar Network are among other participants in the $24 million Series B round for Lagos-based Andela. Now active in Nigeria and Kenya, Andela plans to use the new capital to expand to a third African country. It has previously secured financing from other major tech investors such as former AOL chief Steve Case and Facebook co-founder Chris Hughes.