On Wednesday at the World Economic Forum’s virtual Davos meeting Robert Downey Jr announced the launch of two new investment funds. The funds are part of an even bigger environmental initiative, FootPrint Coalition, and they will be used to support companies that develop technology and business models that help tackle some of the toughest challenges that have come from climate change.
— 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 favour of innovation by a broad set of new companies, the actor says at the event.
The venture funds are the new extension in his FootPrint Coalition, a philanthropic project that brings investors, donors and storytellers to help scale solutions to environmental issues together. Experienced tech investors Jon Schulhof and Steve Levin will be running the funds. The team will be looking for promising companies from energy to food production. One fund will focus on seed and Series A investments and the other one will focus on later-stage opportunities, from B rounds onwards.
Robert Downey Jr plans to use his wide-reaching social media platforms and his producer skills to promote the funds and get more investors. He’s invested a great amount himself and FootPrint Coalition Ventures has made its first investment in Los Angeles-based Aspiration, a financial lender that invests money in sustainable projects rather than ones involving things like fossil fuel.
