Columnists

Africa venture capital scene ripe with potential

The future of African enterprises depends on governments and private sector players developing as many entrepreneurs as possible. file photo | nmg
The future of African enterprises depends on governments and private sector players developing as many entrepreneurs as possible. file photo | nmg 

Although we sometimes dismiss the notion of Africa rising, there are emerging innovative ideas that make Africa look great.

One such event is the recent announcement that pan-African venture capital firm CRE Venture Capital, had led a $40 million (Sh4.1 billion) Series C funding of Andela, an Africa-based tech nology company with offices in Nairobi, Kampala, Lagos and New York.

Andela’s Nairobi office is managed by Joshua Mwaniki and currently employs nearly 300 people.

CRE Venture Capital joined hands with DBL Partners, Amplo, Salesforce Ventures, and TLcom Capital in the $40 million Series C round, and now have managed to increase Andela’s cumulative funding to over $80 million (Sh8.2 billion).