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Ocado's £50m boost
10.09.09
Online supermarket Ocado is getting a £50 million lift from investors including the investment house founded by Al Gore.
The former US vice-president set up Generation in 2004 to invest in sustainable and environmentally friendly businesses.
It has put £7 million into Ocado, the outfit that was founded by three former Goldman Sachs bankers.
The move gives Generation a 1% stake in the firm.
Existing shareholders such as the John Lewis Partnership and Tetra Pak billionaire Jorn Rausing also took part in the fund-raising exercise.
The £50 million is comprised of £30 million in new equity and £20 million of debt. Ocado has raised more than £300 million since its launch in 2000.
Tesco boss Sir Terry Leahy has derided it as “a charity” because of its losses. It recently turned profitable on an operating basis.
