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Start-ups

Al Gore’s investment firm backs start-up created by Facebook co-founder

Asana raised US$75 million in a round led by Generation Investment Management

PUBLISHED : Wednesday, 31 January, 2018, 12:04pm
UPDATED : Wednesday, 31 January, 2018, 12:04pm

By Ari Levy

Former Vice President Al Gore’s investment firm is making a big bet on one of the creators of Facebook.

Asana, a software company headed by Facebook co-founder Dustin Moskovitz, said on Tuesday that it raised US$75 million in a financing round led by Generation Investment Management.

Generation, which Gore co-founded in 2004, invests globally and focuses on what it calls “sustainable business practices.” Asana develops cloud-based project management software used by teams.

“Asana offers its customers a strong value proposition for work management, rooted in transparency and productivity, while fundamentally reducing resource inefficiencies and busy work,” said Colin le Duc, one of Generation’s founders, in a statement.

Moskovitz, who was one of Zuckerberg’s roommates at Harvard, left Facebook in 2008 to start Asana. The company is also backed by Y Combinator and Founders Fund, the venture firm led by early Facebook backer Peter Thiel .

While Gore doesn’t focus specifically on tech, he’s had plenty of exposure to Silicon Valley. He’s a board member at Apple and has long had ties to venture firm Kleiner Perkins Caufield & Byers, which still lists him as a senior partner.

Moskovitz and fellow Asana co-founder Justin Rosenstein said in Tuesday’s statement that, “we have both greatly admired Al Gore and the Generation team for their sustainability leadership in the business and financial community.”

Read the original article at CNBC