Zuckerberg set to make first investment with wife Priscilla

By : |June 16, 2016 0

Facebook Inc. founder Mark Zuckerberg is set to make its first bet with his newly formed $48 billion venture – Chan Zuckerberg Initiative LLC – as it plans to announce on Thursday an investment in a New York-based startup Andela Inc., that trains software developers in Lagos, Nigeria and Nairobi, Kenya.

The Chan-Zuckerberg Initiative is leading a $24 million Series B funding round in Andela, along with others participating financiers, including GV–the venture capital arm of Alphabet Inc.–previously known as Google Ventures.

The for-profit entity was formed late last year by Zuckerberg and his wife, Priscilla Chan. The couple has previously invested in several previous nonprofits and limited-liability companies, which are now under the banner of the initiative.

When they created the foundation, the couple’s pledge to fund the initiative with 99 percent of their Facebook shares over the course of their lives, gained much publicity. Those shares are now valued at about $48 billion. They also pledged to reinvest any profits from their investments into the initiative.The entity will initially focus on personalized learning, curing disease, connecting people and building strong communities.

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