Björk and capitalism may be two words you wouldn’t expect to hear in the same sentence, but the eccentric Icelandic singer’s latest project is a foray into the exciting world of venture capitalism.
According to Forbes, this new move comes as an effort to provide more green, sustainable energy for and boost the struggling economy of her home country of Iceland. In order to accomplish these goals, Björk recently partnered with a Reykjavik venture capital firm, who will create a fund and invest in socially conscious organizations.
The fund, BJORK, was established through Audur Capital, which has already invested 100 million Iceland krónur (about $826,000) in the project. BJORK will operate by both providing funds for small businesses (that meet certain social and environmental standards) and allowing investors opportunities for new venture creation. As of right now, Audur Capital hopes to see investments close in March of 2009.
“The fund will invest in sustainable businesses that create value through the country’s unique resources, spectacular nature, vibrant culture and green energy,” Audur Capital’s Web site explained. “[Björk] has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy.”
Iceland’s economy took a heavy hit in 2008, partially in relation to the same types of shady business practices that led to the current U.S. mortgage crisis. The fund is expected to raise $16.5 million by the end of March.