Bono, Gore-backed Funds Invest in Canadian Tech Firm Benevity

(Bloomberg) -- Canadian technology company Benevity Inc. has won the backing of two social impact investments funds founded by rock star Bono and former U.S. vice president Al Gore.

The Rise Fund and Generation Investment Management have become “strategic minority investors” in the Calgary-based firm, according to a statement. U2 singer Bono is the co-founder of The Rise Fund and Gore is co-founder and chairman of Generation.

The terms of the investment were not disclosed. Three Canadian pensions funds -- Canada Pension Plan Investment Board, Alberta Investment Management Corp. and Vestcor Inc. -- were also co-investors in the transaction.

Benevity has emerged as a fledgling tech star in Calgary’s traditionally oil-based economy. Founded in 2008, it produces software used by companies including Microsoft Corp., Alphabet Inc.’s Google and Coca-Cola Co. to manage corporate social responsibility programs, such as online giving, matching grants and volunteering. Its software has processed more than $6 billion in donations, according to the statement.

British private equity firm HG took control of Benevity in December in a deal that elevated the company to unicorn status, according to Canadian media reports at the time.

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