Generation Investment Management has inked the first deal from its fourth sustainability fund, leading a $90 million funding round for software developer Gloat, whose product allows companies to recruit and move employees internally.
Generation IM, a sustainability-focused firm that ranked 14th in New Private Markets’ ranking of the biggest impact fund managers, closed Sustainable Solutions IV at $1.7 billion last month. The fund’s focus is on sectors such as supply chains, the future of work, and food and agriculture.
“Rather than searching for a new hire on the open market – a potentially expensive and uncertain process – Gloat enables companies to look for what they need on their doorstep,” Generation IM said in a statement. “We believe Gloat’s technology solves a number of internal labour-market inefficiencies.”