ESIP Andela (IFC-37243)

  • Africa
Geographic location 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
Stage of the project cycle. Stages vary by development bank and can include: pending, approval, implementation, and closed or completed.
Bank Risk Rating
Environmental and social categorization assessed by the development bank as a measure of the planned project’s environmental and social impacts. A higher risk rating may require more due diligence to limit or avoid harm to people and the environment. For example, "A" or "B" are risk categories where "A" represents the highest amount of risk. Results will include projects that specifically recorded a rating, all other projects are marked ‘U’ for "Undisclosed."
Voting Date
Oct 22, 2015
Date when project documentation and funding is reviewed by the Board for consideration and approval. Some development banks will state a "board date" or "decision date." When funding approval is obtained, the legal documents are accepted and signed, the implementation phase begins.
Learn Capital Venture Partners III, L.P.
A public entity (government or state-owned) provided with funds or financial support to manage and/or implement a project.
  • Education and Health
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
The categories of the bank investment: loan, grant, guarantee, technical assistance, advisory services, equity and fund.
Investment Amount (USD)
$ 15.00 million
Value listed on project documents at time of disclosure. If necessary, this amount is converted to USD ($) on the date of disclosure. 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

Contribute Information
Can you contribute information about this project?
Contact the EWS Team

Project Description
If provided by the financial institution, the Early Warning System Team writes a short summary describing the purported development objective of the project and project components. Review the complete project documentation for a detailed 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
Here you can find a list of individual development financial institutions that finance the project.
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
This section aims to support the local communities and local CSO to get to know which stakeholders are involved in a project with their roles and responsibilities. If available, there may be a complaint office for the respective bank which operates independently to receive and determine violations in policy and practice. Independent Accountability Mechanisms receive and respond to complaints. Most Independent Accountability Mechanisms offer two functions for addressing complaints: dispute resolution and compliance review.
Paul Strange email: 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 You can learn more about the CAO and how to file a complaint at

How it works

How it works