Softbank-led round confers unicorn status on Andela

Image Credit: Andela

Tech investing giant Softbank has led an investor group backing Andela’s Series E round, giving the remote engineering talent network a valuation in excess of $1 billion, the threshold for startup unicorn status. Between them, the investor group is investing $200 million in the round, valuing Andela at $1.15 billion. Whale Rock is joining Softbank Vision Fund 2 as new investors in the firm, while the remaining members of the investor club – Generation Investment Management, ChanZuckerberg Initiative, and Spark Capital – had backed Andela in earlier rounds.  A representative declined to disclose neither the breakdown of the investment between the individual investment firms nor the size of stakes each now holds.

“Hiring remote technical talent is one of the top challenges that companies face today,” said Lydia Jett, a Partner at Softbank Investment Advisers who is joining Andela’s board. “We believe Andela will become the preferred talent partner for the world’s best companies as remote and hybrid work arrangements become the norm.”

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