Our Most Eco-Friendly VP Has Raised $1bn for Eco-Friendly Investment
Generation Investment Management, co-founded by our most eco-friendly politician and former US Vice President Al Gore, has raised $1 billion for its latest private equity fund to back sustainable start-ups. Generation Investment Management Sustainable Solutions Fund III will invest between $50 million and $150 million in companies helping the health of the planet or individuals, or those driving financial inclusion.
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"We believe that we are at the early stages of a technology-led sustainability revolution, which has the scale of the industrial revolution, and the pace of the digital revolution."Former US Vice President and Generation Investment Management Co-Founder Al Gore
The company was founded in 2004 alongside the head of Goldman Sachs' asset management business, David Blood. Its headquarters are in London, England, and there is an office in San Francisco, California. Previously backed businesses include Ocado, DocuSign, and Asana.
Ocado is an online grocery store, but make sure if you visit a physical store, you take reusable bags with you.
The fund has invested in Switzerland based health technology business Sophia Genetics. Generation Investment Management led a $77 million investment round into this company, which uses artificial intelligence to analyse health data in one of five different areas, including pediatrics and two types of cancers.
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The investment occurred in January, just days after Dr. Mike Lynch, founder of the software company Autonomy, stepped down from the board of his company. Dr. Lynch is facing 17 different fraud indictments from the US Department of Justice. These are all connected to HP's acquisition of Autonomy. Lynch is denying allegations.
Generation's new fund has also led a $100 million investment round into Andela, which allows companies to hire software engineers across all of Africa. The funding round also included investment from number one female tennis player Serena Williams' fund, Serena Ventures.
The demand to invest in sustainable ventures is growing, especially in Europe, even if the definition of "sustainable ventures" varies. For Al Gore's company, target companies provide "goods and services consistent with a low-carbon, prosperous, equitable, healthy and safe society."