Chan Zuckerberg Initiative Makes First Investment And It’s Into Andela

The Chan Zuckerberg Initiative, a US$45 billion philathropic company started by Mark Zuckerberg, the Facebook CEO, and wife Priscilla Chan, has made its very first investment and it’s in Andela, a talent accelerator co-founded by Iyinoluwa Aboyeji.

The US$24 million Series B investment will be used by Andela to expand into a new country in Africa before the year runs out.

Founded in 2014 and headquartered in New York, Andela aims to train 100,000 developers over the next 10 years, of which many will come from Africa. To do this, it runs a four-year program where participants are paid to study web and mobile software development.

These participants are, after a few months into their program, placed in tech companies, who are Andela’s clients, anywhere in the world to work, thereby gaining hands-on experience and adding value to such companies.

“We live in a world where talent is evenly distributed, but opportunity is not, Andela’s mission is to close that gap,” Mr. Zuckerberg said in a statement explaining the investment.

Participating in the investment round is GV, formerly Google Ventures, the venture capital investment arm of Alphabet Inc, parent company of Google and other ventures.

Both Chan Zuckerberg Initiative and GV are now part of an array of companies  – Spark Capital, Omidyar Network, Susa Ventures, Steve Case, Founder Collective, Rothenberg Ventures, Learn Capital et al – that have invested in the startup.  

Sources: CNET & WSJ.

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