E-Business
Andela Announces $200M Investment Led by SoftBank
Andela, the global network for remote engineering talent, has announced $200 million in Series E financing that values the company at $1.5 billion.
The round was led by Softbank Vision Fund 2* with participation from new investor Whale Rock and existing investors including Generation Investment Management, Chan Zuckerberg Initiative, and Spark Capital.
Lydia Jett, Founding Partner at SoftBank Investment Advisers and one of the most respected consumer technology investors in the world, will join Andela’s Board of Directors.
Andela helps companies build remote engineering teams by providing them with access to the best software engineers in the world.
Launched in Africa in 2014, the Andela network today represents engineers from more than 80 countries and six continents. Through Andela, thousands of engineers have been placed with leading technology companies including Github, Cloudflare and ViacomCBS.
“Andela has always been the high-quality option for those building remote engineering teams. Now that the world has come to embrace remote work, Andela has become the obvious choice for companies because we can find better talent, faster,” says Jeremy Johnson, CEO and co-founder of Andela. “If you are a talented engineer, Andela opens up a world of possibilities for you, no matter where you are based.”
With a successful placement rate of 96%, Andela has mastered the ability to evaluate the technical skills and soft skills of engineers to match them to the teams they’ll be most successful in. With the new capital, the company will invest in developing products to simplify global hiring and make engineers’ lives easier.
In addition, Andela will continue to expand its talent offering beyond software development to include new verticals such as design and data after launching Salesforce development earlier this year.
“Hiring remote technical talent is one of the top challenges that companies face today. We believe Andela will become the preferred talent partner for the world’s best companies as remote and hybrid work arrangements become the norm,” said Lydia Jett, Partner at SoftBank Investment Advisers.
“We are delighted to support Jeremy and the Andela team in their mission to connect these companies with brilliant engineers, and in the process, unlock human potential at scale.”
“This new round of funding enables Andela to strengthen our already extensive network of incredible talent in Africa and across the world, as we systematically connect the best software engineers with global opportunities”, says Agnes Muthoni, Director of the Andela Learning Community at Andela.
“Being backed by a diverse group of renowned and experienced investors is a testament to the growing importance of remote work, and how Andela is at the forefront of helping companies scale their engineering teams at a rapid pace”
A fully remote organization with more than 300 employees around the world, Andela is hiring top talent across the board, particularly in Product, Engineering, and Growth.
E-Business
ALX Nigeria Champions Innovation and Growth at Akwa Ibom Tech Expo and Ogun Digital Summit
ALX, Africa’s leading tech accelerator, recently demonstrated its commitment to tech skills acquisition and fostering inclusive growth across Nigeria by participating in two significant industry events: the Akwa Ibom Tech Week and the Ogun Digital Summit.
Ruby Igwe, Country General Manager for ALX Nigeria, attended the Akwa Ibom Tech Expo, where she participated in a panel session discussing the topic ‘Leveraging Innovation for Inclusive Growth’.
She emphasised the critical role of building an inclusive community encouraging freedom and innovation through tech skills empowerment.
“ALX is an organisation focused on development, providing opportunities for the millions of African and Nigerian youths that make up our community. We recognise the uniqueness of each member of our community and encourage them to be themselves.”
Ruby stated. “When we think about innovation we encourage our community members to come from a problem-solving approach. Focusing on the problem and interrogating it with the right data will only lead to coming up with the right solution.”
Nkechi Belinda Idinmachi, Fellowship Specialist at ALX Nigeria, spoke at the event and highlighted the global talent shortage driven by widespread digital transformation across organizations.
“There is a massive shortage of talent globally with a projected spike of 83 million by 2023. ALX is on a mission to create more opportunities for young Africans, and to date, we have trained over 200,000 young people across Africa. We have mastered training at scale with our infrastructure.” She stated.
Following the Akwa Ibom Tech Week, ALX also had a notable presence at the Ogun Digital Summit, which brought together innovators, industry leaders, and tech enthusiasts from across the country.
At both events, participants had the opportunity to engage with the award-winning tech career accelerator and learn about the world-class offerings available within the ALX ecosystem.
From state-of-the-art tech hubs to a vibrant community, and world-class tech programmes, ALX continues to reaffirm its commitment to nurturing the next generation of African leaders.
E-Business
QNET’s Amezcua Workshop in Lagos: A Glimpse into Wellness & Innovation
QNET, a global lifestyle and wellness-focused direct-selling company, in collaboration with its Nigerian partner Transblue Limited, hosted the Amezcua Product Workshop at the Radisson Hotel, Ikeja GRA, on Friday.
Biram Fall, Regional General Manager of QNET for Sub-Saharan Africa, who delivered an insightful speech highlighting the company’s commitment to enhancing lives through innovative products.
In his address, Fall emphasized QNET’s dedication to ethical and legal standards, noting that the company has been operating in Nigeria for the past two years through various channels across over 25 countries.
He highlighted QNET’s unique business model, which combines direct selling with an e-commerce platform, enabling the company to serve a diverse customer base and provide entrepreneurial opportunities for financial independence.
“The global direct-selling industry is highly competitive, valued at approximately $167.7 billion in 2023 and projected to reach $204.9 billion by 2032,” Fall stated.
“These significant figures act as a catalyst for growth in Nigeria’s direct-selling market, which is expected to expand considerably, thereby supporting the country’s economic development.”
Fall also shared that several of QNET’s products, including EDG3, Prospark toothpaste, and Physioradiance face serum, have been certified by NAFDAC in Nigeria.
He reflected on last year’s product workshop in Lagos, which featured experts like Dr. Shafi Shaik and Professor Abiodun Adebayo, and set the stage for a successful product expo.
The workshop focused on the Amezcua line, including the Amezcua Chi-Pendant 4 and the Bio-Disc 3, designed to harmonize and energize the body.
Fall also discussed the Amezcua E-Guard X, which offers protection from electronic radiation.
Before concluding, Fall announced QNET’s second Product Expo in Lagos, scheduled to start on November 16th, 2024, at the Anchor Events Place in Ikeja.
The expo will showcase QNET’s lifestyle and wellness products and provide insights into the company’s business model and commitment to quality.
“We are dedicated to being a leading global lifestyle and wellness-focused direct-selling organization and look forward to welcoming our media partners to the event,” Fall concluded.
Mr. Akeem Ajisafe, Managing Director of Transblue Nigeria Ltd, also spoke at the event, emphasizing the importance of the partnership in connecting Nigerians to QNET’s global network and empowering the youth.
He highlighted QNET’s “Say No” campaign launched in November 2023 to raise awareness about the dangers of fraudulent job offers used by scammers to lure victims into human trafficking in Nigeria, Senegal, and Burkina Faso.
This ongoing campaign underscores the urgent need to protect youth from falling prey to unscrupulous individuals and organizations.
Ajisafe noted that QNET has collaborated with government agencies like the Nigerian State Consumer Protection Agency on Consumer Rights Day to eradicate harmful market practices and champion fairness and accountability.
He also mentioned QNET’s participation in the Training Program for Nigerian Youth, a partnership with the Federal Ministry of Labour and Employment, aimed at equipping young individuals with essential skills and knowledge to safely navigate the job market.
Ajisafe highlighted QNET’s impressive efforts to implement youth empowerment initiatives in Nigeria, including the Signature of Financial Literacy Program, which has equipped over 1,350 youths with employability and entrepreneurial skills to achieve financial independence.
These initiatives reflect QNET’s commitment to debunking misconceptions about the company in Nigeria, promoting transparency, and fostering innovation among youths through education and training.
Bernhard Gaksch, QNET’s Category Manager and Global Trainer, highlighted the importance of wellness solutions in today’s tech-driven world.
“Every electronic device, from smartphones to smart TVs, emits electromagnetic fields, which research suggests may contribute to issues like headaches, fatigue, and other serious health problems,” he explained.
QNET’s response includes products inspired by nature and backed by advanced science. Among them is the Bio-Disc 3, which restores water’s natural molecular structure, improving hydration, detoxification, and immune function.
“The best water comes from a stream, but as it travels, it loses energy. The Bio-Disc revitalizes this energy,” Gaksch stated, adding that its benefits extend to plants, pets, and food.
Complementing the Bio-Light 3, which uses sequenced light technology to accelerate healing, targeting chronic inflammation, muscle pain, and migraines. Gaksch noted its effectiveness in promoting faster recovery and nerve repair.
To combat harmful EMFs, QNET introduced the Chi-Pendant 4 and Amezcua eGuard X, which protect against 5G radiation and other electronic emissions.
The Chi-Pendant preserves the body’s natural biofield, shielding users from stress and fatigue, while the eGuard X transforms harmful EMFs into beneficial frequencies, creating a safer environment. “It’s like protecting yourself from tobacco, but for the wireless age,” Gaksch remarked.
E-Business
CLMI Urges FG to Prioritize Logistics and Transportation for Economic Growth
Federal Government has been urged to prioritize investment in Nigeria’s courier, logistics, transport, and management industry, valued at over N15 trillion.
This call to action was highlighted at the Courier & Logistics Management Institute (CLMI’s) 2024 International Conference & Investiture event in Lagos, where industry experts and professionals gathered to address challenges and propose solutions for growth in this vital sector.
According to Dist. Prof. Simon Emeje, the executive chairman, Courier & Logistics Management Institute (CLMI), “The combined worth of Nigeria’s courier, logistics, transport, and management industry is staggering. Valued at no less than N15 trillion, this sector is crucial to Nigeria’s economic future.”
He cited research showing the market potential could be as high as N25 trillion.
Prof. Emeje explained, “In many countries, this sector contributes approximately 7-8% to GDP. However, in Nigeria, its contribution currently stands at around 4%, revealing a substantial gap that, if addressed, could unleash transformative growth.”
He called on the Nigerian government to harness the resources within the sector, stressing that investment could unlock revenue streams contributing up to 60% of the annual national budget.
To underscore these points, industry experts at the event presented strategies such as logistical innovations and advanced transport management approaches, advocating that the sector should become a cornerstone of Nigeria’s economic agenda.
Following the CLMI’s offer to collaborate with the government at different levels to harness this potential through public-private partnerships, regulatory reforms, and targeted investment, Reverend Father (Dr.) Hyacinth Iormem Alia, the executive governor of Benue State, said the State has queued into the courier and transportation sector to better the worth of citizens.
The Governor, represented by Chief Aber Terseer Benjamin, the chief executive of FarmBasket Global Resources Limited, said “Benue Links Company holds greater economic opportunities for our dear State and our administration needed to act fast to rescue and reposition the Company that almost went comatose to its current status.
“We purchased one hundred buses with support from the Federal Government and handed them over to Benue Links Limited to provide affordable means of transportation for our people.
“The procurement of these Buses was to cushion effects of the transportation challenge that was occasioned by the removal of fuel subsidy by the Federal Government. Not quite long, our administration repaired some of the Marco Polo Buses of Benue Links that laed dormant for many years for an intercity movement.
“Passengers are being transported from one point of Makurdi town, worth almost four kilometres, to another destination just for two hundred naira only. Our people are very happy with this modest effort too.
“Benue Links Limited has also commenced the lifting of goods from Lagos to other parts of the country using high profile Trucks that have been positioned in Lagos specifically for this task. The rates offered by Benue Links in providing this service are more-friendly as compared to other Companies offering similar service”.
He extended partnership handshake to CLMI to liaise with the management of Benue Links Company on how best they could synergise to enhance the transportation system in the country.
In his keynote address, Dr. Sam Ohuabunwa, Chairman of the Africa Economic Summit, emphasized logistics as an essential tool for Nigeria’s economic transformation. Speaking on the theme, “Unlocking Economic Potentials and Fostering Nation-building through Logistics Instruments,” he explained, “Logistics is the process of planning and executing efficient transportation and storage of goods. It’s fundamental to economic growth, acting as a bridge to meet consumer needs in a cost-effective and timely manner.”
Dr. Ohuabunwa also called for strategic investment in infrastructure, energy, and broadband technology. “Robust infrastructure can reduce production costs, increase global competitiveness, and stimulate industrial growth,” he said.
He stressed the need for better access to credit at single-digit interest rates to enable growth in agriculture and small businesses.
Dr. Ohuabunwa noted that despite Nigeria’s abundant resources, the country’s economy is hampered by insufficient infrastructure, underdeveloped industrial capacity, and over-reliance on imports.
He encouraged a return to productivity-driven economic planning, proposing government investment in essential infrastructure to stabilize the economy, improve foreign reserves, and strengthen the Naira.
Also speaking at the event, Dr. Oluwasegun Musa, CEO of Widescope International Logistics, stressed the need for modernization and policy reform within Nigeria’s logistics sector.
He noted that Nigeria’s logistics infrastructure is still in its infancy and lacks support to drive economic advancement. Dr. Musa advocated for comprehensive policy frameworks and infrastructure investment, stating, “Nigeria should not operate in the ‘Stone Age’ of logistics. We need robust infrastructure and advanced technologies, such as drones, to compete globally.”
According to Dr. Musa, logistics is “the motive force behind every economy,” and a strong logistics framework is essential for sustainable growth. He urged the government to prioritize the logistics sector and implement policies that would transform it into a true driver of economic development.
All the speakers highlighted the importance of strategic investments and infrastructure development to unlock Nigeria’s full economic potential.
Their recommendations included increasing public-private collaborations, placing industry experts in key positions, and adopting policies that support sector growth.
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