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Mark Zuckerberg’s newly formed $48 billion venture is making its first bet.

Mark Zuckerberg’s Venture

Facebook Inc. founder Mark Zuckerberg’s newly formed $48 billion venture is making its first bet by investing in Startup Andela

Chan Zuckerberg Initiative LLC plans to announce an investment in Andela Inc., a New York-based startup that trains software developers in Lagos, Nigeria and Nairobi, Kenya. The Chan Zuckerberg Initiative is leading a $24 million Series B funding round. Others participating include GV, the venture capital arm of Alphabet Inc. previously known as Google Ventures.

This marks the first move by the initiative, a for-profit entity formed late last year by Mr. Zuckerberg and his wife, Priscilla Chan.Last year Mark Zuckerberg and his wife Priscilla Chan have pledged to donate 99 percent of their Facebook shares to the cause of human advancement

The couple’s previous investments have been scattered among several nonprofits and limited-liability companies, which are now under the banner of the initiative.
“We live in a world where talent is evenly distributed, but opportunity is not,” Mr. Zuckerberg said in a statement explaining the investment. “Andela’s mission is to close that gap.”

Startup Andela,  created in 2014, aims to train 100,000 developers over the next 10 years, Chief Executive Jeremy Johnson said in an interview.

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ayushi jain

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