Iron Man star Robert Downey Jr. is launching a rolling venture fund focused on investing in sustainable technology.
Less than two years ago Downey Jr. unveiled a sustainability focused initiative called the Footprint Coalition.
It now has five portfolio companies and a nonprofit initiative as well as launching its new rolling fund.
Rolling funds raise funding on a quarterly basis and invest as they go and Footprint Coalition Ventures has committed $5,000 per quarter for up to 2000 investors, according to TechCrunch.
“This global existential threat is not something that’s going to be solved by a smattering of elite mega-corporations. I think that paradigm must be smashed in favor of innovation by a broad set of new companies,” Downey Jr. said.
The fund will be split between early and late-stage companies and is looking to make six investments a year in early-stage companies and four later stage deals.
“Investment in sustainable technology is a critical pathway toward the discovery and scaling of better solutions for our planet. We need to mobilize more people and catalyze more capital,” he added.
The fund will focus on sustainable consumer products as well as food and agriculture tech and energy. It has already made five investments including in insect protein brand Ynsect and neobank Aspiration.
Alongside Downey Jr. Footprint Coalition Ventures will be led by veteran investors and entrepreneurs Jonathan Schulhof and Steve Levin.
The film star narrates short videos made by his team on