04 Feb 2021: Robert Downey Jr. starts rolling fund for clean tech investment
The current US government seems to be all for climate change, and there are a few Hollywood celebrities such as Leonardo DiCaprio, Mark Ruffalo, among others, who have thought of concrete steps when it comes to environmental development.
Our very own Iron Man, Robert Downey Jr., is another star, who has started a new venture fund to benefit sustainable technology in collaboration with AngelList.
About: This venture funds is aimed at 'sustainable technology companies'
This is a rolling fund named FootPrint Coalition Ventures that is aimed at "sustainable technology companies."
Its approach is on two fronts, "We mobilize our audience with content, and we mobilize capital by making investments in leading innovators," said the award-winning actor.
Apart from Downey Jr., his wife Susan is also on-board along with a team of veteran tech investors and entrepreneurs.
Context: Know all about a rolling venture fund
This initiative is an innovation in the industry of venture funds.
A rolling fund allows a fund manager to accept new investment in terms of auto-renewed quarterly funds.
This process thrives in accumulation of fund from the public on a regular interval, thus fast-tracking requirements of investment on potentially bright enterprises as soon as possible and ends the need to create another fund.
Future: 'The first opportunity we have had in modern history'
"This is really the first opportunity we've had in modern history to thinking not just what templates have we used that got us here, but also to create new templates that maximize the efficiency of the task," Downey Jr. summed up the purpose of the rolling fund in an interview.
"We're at the precipice of sustainable technology renaissance with AI, robotics," added the actor.
Announcement: The 'Chaplin' actor unveiled the fund at World Economic Forum
Focusing on innovation and sustainability, artificial intelligence, new materials, robotics, food & agriculture, robotics, data & software and financial technologies are the branches the fund is interested to get involved.
Downey Jr. announced this project at the virtual World Economic Forum meeting on January 27.
Sources say the 55-year-old Chaplin actor has invested at least $10 million of his own money in the fund.