ESIP Andela (IFC-37243)

Regions
  • Africa
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Oct 22, 2015
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
Learn Capital Venture Partners III, L.P.
The holder of the loan, grant, or other investment.
Sectors
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Aug 24, 2017

Disclosed by Bank Sep 2, 2015


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Project Description
This project finances an equity investment in a co-investment vehicle along with Learn Capital Venture Partners III, L.P., which will allow IFC to participate in co-investment opportunities on a selective basis. The first project consists of an equity investment in Andela Inc, an education start-up that recruits and trains local talents in Africa to become fully employable in the innovation economy.
Investment Description
  • International Finance Corporation (IFC)
Learn Capital Venture Partners III, L.P. (Learn Capital) was founded in 2008 incorporated in San Mateo, California. Learn Capital is a US-based early stage venture capital firm focused exclusively on the education technology sector. It currently has over US$ 170 million assets under management. It targets both above-market venture returns and high social impact in education by investing and supporting rapidly scaling global companies, many of which are located in the US, but the firm also has relevant investment experience in emerging markets. The first investee company of the IFC Co-investment Fund, Andela Inc., was founded by Jeremy Johnson, Iyinoluwa Aboyeji, Ian Carnevale and Christina Saas. Andela, Inc. is incorporated in New York, USA and raised a seed equity round of $3.5 million in 2014. Apart from the Founders, key sponsors include Omidyar Network, Susa Ventures, Rothenberg Ventures but also Founder collective and Learn Capital.
Contact Information
Paul Strange email: paul@learncapital.com Telephone: +1-650-275-3030 Learn Capital 20 E. 3rd Ave San Mateo, CA 94401 ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/