Robert Downey Jr. launches VC funds to help save the planet
Robert Downey Jr. on Wednesday announced the launch of two venture capital funds focused on startups in the sustainability sector, the latest evolution of a project he launched two years ago called Footprint Coalition.
Between the lines: This is a bit of life imitating art, as Downey Jr. spent 11 films portraying a character who sought to save the planet (or, in some cases, the universe).
Details: Footprint Coalition, which to date has invested only Downey Jr.'s money, will raise capital from accredited investors via the "Rolling Funds" feature of investment platform AngelList.
- It plans to raise two funds, one focused on early stage startups and one on later-stage startups, with AngelList allowing up to 2,000 "qualified" investors per fund.
- If fully subscribed, that could work out to $160 million raised over two years.
Downey Jr. tells the Axios Re:Cap podcast: "What I learned, if nothing else from my years with the MCU, is you stop siloing your efforts and you engage your audience. And there becomes this informational synergy that I think supercharges your efforts... I feel we're demonstrating that if you want to build a real coalition, then I think it's about access... [Tony Stark] got his priorities straight by the end. It didn't turn out so well for him, but it wound up being the right thing for the team.."