Hollywood actor and producer Robert Downey Jr. (Iron Man, Sherlock Holmes, etc.) has launched two new venture capital funds to invest in green technologies. With their help, the actor hopes to help solve climate and environmental problems. Both funds, called Footprint Coalition Ventures, are part of the Footprint Coalition, an environmental initiative launched by Downey Jr. in 2019. The project supports environmental research and develops the theme of sustainable technologies.
The actor explained that his investment arm is meant to show the role private companies can play in achieving sustainable development. One fund will invest in environmental projects at an early stage, the second will support already developed initiatives.
The Downey Jr Foundation is partnering with American startup incubator AngelList. This will enable Footprint Coalition Ventures to raise funds from qualified investors on a quarterly basis. The structure of the funds makes venture capital investment more accessible to individual investors.
So far, the Footprint Coalition has invested in only five companies: media platform Arcadia Earth, biotech RWDC Industries, insect farm Ÿnsect, socially responsible online bank Aspiration, and bamboo-based paper products manufacturer Cloud Paper. The new funds will focus on technologies in six areas: food processing and agriculture, energy and transport, education, media, materials and advanced environmental solutions.
Robert Downey Jr. plans to use his reputation and speaker skills to develop the foundation and the project as a whole. One of the highest paid actors in Hollywood believes that robots and nanotechnology can really be used to significantly clean up the planet in 10 years. According to Downey Jr., "a vague sense of crisis" made him turn to saving the environment.