Mark Zuckerberg Foundation Pours Cash Into African Software Training Firm
Image by Getty Images/ Lior Zaltzman
Facebook Inc founder Mark Zuckerberg’s philanthropy venture has made its first major investment, leading a funding round in a startup that trains and recruits software developers in Africa.
The Chan Zuckerberg Initiative LLC, created by Zuckerberg and his wife Priscilla Chan, led a $24 million Series B funding in Andela, the startup said on Thursday.
Alphabet Inc’s GV, previously known as Google Ventures, was also part of the funding round.
Andela selects the top 1 percent of tech talent from Africa, trains them and places them in engineering organizations.
The startup, which has nearly 200 engineers currently employed by its Nigeria and Kenya offices, will use the funds to expand to a third African country by the end of 2016.
“We live in a world where talent is evenly distributed, but opportunity is not. Andela’s mission is to close that gap,” Zuckerberg said in a statement.
When the philanthropy initiative was launched in late 2015, Zuckerberg said he would put in 99 percent of his Facebook shares.
The initiative is structured as a limited liability company. This means, unlike a traditional charitable or philanthropic foundation, the venture can make political donations, lobby lawmakers, invest in businesses and recoup any profits from those investments.
Zuckerberg has also signed the Giving Pledge, which invites the world’s wealthiest individuals and families to commit to giving more than half of their wealth to philanthropy or charitable causes over their lifetime or in their will.
I hope you appreciated this article. Before you go, I’d like to ask you to please support the Forward’s award-winning, nonprofit journalism during this critical time.
Now more than ever, American Jews need independent news they can trust, with reporting driven by truth, not ideology. We serve you, not any ideological agenda.
At a time when other newsrooms are closing or cutting back, the Forward has removed its paywall and invested additional resources to report on the ground from Israel and around the U.S. on the impact of the war, rising antisemitism and the protests on college campuses.
Readers like you make it all possible. Support our work by becoming a Forward Member and connect with our journalism and your community.
Make a gift of any size and become a Forward member today. You’ll support our mission to tell the American Jewish story fully and fairly.
— Rachel Fishman Feddersen, Publisher and CEO
Join our mission to tell the Jewish story fully and fairly.
