Björk Invests in Greener Iceland

Björk has partnered with a Reykjavik-based venture capital firm to set up a fund that will invest in socially and environmentally responsible companies that will help repair Iceland’s beat-up economy.

The Icelandic singer launched the venture fund with Audur Capital, which has put down the initial investment of 100 million Iceland kronur ($826,000) and is seeking investors to participate in the fund until March 2009.

This sort of initiative is desperately needed in Iceland, for the country became an early casualty of the global economic crisis in October as its currency plunged in value and its financial system buckled under the weight of billions of dollars of foreign debts owed by its banks.

“The fund will invest in sustainable businesses that will create value through the country’s unique resources, spectacular nature, vibrant culture and green energy,” from Audur Capital’s Web site.

It also says that Björk “has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy.”

The question remains as to whether the newest venture capitalist will actually help the slowing economy, or if this is just a way to receive some recognition outside her albums.

Source: Reuters/Billboard