The $45B Chan Zuckerberg Initiative makes its first investment
The philanthropy, started by the Facebook CEO and his wife, Priscilla Chan, is investing in Andela, a New York-based startup that trains software developers in Africa.
Fresh off verifying that he's not a lizard person (phew), Facebook CEO Mark Zuckerberg and his wife, Priscilla Chan, are investing an undisclosed amount in Andela, a startup that seeks to train software developers in Africa.
The investment, announced Thursday, is the first by the Chan Zuckerberg Initiative. The philanthropic organization was founded last December with an estimated worth of $45 billion.
The Initiative is leading a $24 million funding round for the New York-based Andela, in which GV, formerly known as Google Ventures, is also involved.
Deriving its funding from Zuckerberg's Facebook shares, the Initiative sparked controversy on its launch for its unconventional structure as a limited liability company instead of a traditional nonprofit foundation, meaning it wouldn't be subject to the same rules and oversight.
Zuckerberg is one of a number of tech moguls who have pledged hefty portions of their wealth for charitable purposes. That group also includes billionaires such as Google co-founders Larry Page and Sergey Brin and Microsoft co-founder Bill Gates.
Andela trains prospective developers in Nigeria and Kenya. "We live in a world where talent is evenly distributed, but opportunity is not," Zuckerberg said in a statement. "Andela's mission is the close that gap."