Bjork turns venture capitalistDecember 31, 2008
By Andre Paine
LONDON (Billboard) - Bjork has partnered with a Reykjavik-based venture capital firm to establish a fund that will invest in socially and environmentally responsible companies that will help restore Iceland's battered economy.
The Icelandic singer launched the venture fund with Audur Capital and given her name to it.
BJORK is intended for investors seeking opportunities in new venture creation and the development of small companies with the objective of helping the recovery of the Icelandic economy.
The small North Atlantic island nation was an early victim of the global financial crisis as its currency plunged and its financial system all but collapsed in October, under the weight of billions of dollars of foreign debts incurred by its banks. The top three commercial banks were nationalized.
The BJORK venture fund will be run by Audur Capital, which has put down the initial investment of 100 million Iceland kronur ($826,000). It is seeking investors to participate in the fund with investments to close by March 2009.
"The fund will invest in sustainable businesses that create value through the country's unique resources, spectacular nature, vibrant culture and green energy," according to Audur Capital's Web site.
It also states that Bjork "has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy."