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Photo illustration: Aïda Amer/Axios. Steve Granitz/WireImage via Getty Images

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.."

Go deeper:

Go deeper

Dan Primack, author of Pro Rata
Jan 28, 2021 - Economy & Business

NBA signals further interest in private equity funding

Illustration: Sarah Grillo/Axios

The National Basketball Association is opening the door a little wider for private equity funds, which to date have been largely excluded from investing in its franchises.

Driving the news: The league's board of governors has approved a framework whereby a PE fund could own up to 20% in a single franchise, and stakes in up to five franchises, as first reported by Sportico and confirmed by Axios.

Trump PACs raise over $82M for first half of 2021

Former President Trump during the Conservative Political Action Conference in Dallas, Texas, on July 11. Photo: Brandon Bell/Getty Images

Former President Trump's political action committees (PACs) raised more than $82 million in the first half of 2021, per Federal Election Commission filings published on Saturday.

Why it matters: It's a significant amount for a former president who's been banned from major social media platforms. It demonstrates his ability to raise huge sums of money should he choose to run for the presidency for a third time.

Updated 1 hour ago - Sports

Olympics dashboard

Team USA's Caeleb Dressel celebrates winning gold in the final of the men's 50m freestyle swimming event at the Tokyo 2020 Olympic Gameson Sunday. Photo: Odd Andersen/AFP via Getty Images

🚨: Simone Biles won't compete in Olympic floor finals, individual vault or uneven bars

🏊: U.S. wins gold in men's 4x100-meter medley relay, earning Caeleb Dressel fifth gold — American Bobby Finke wins gold in men's 1,500-meter freestyle

🏊‍♀️: Katie Ledecky wins gold in women's 800m freestyle

🇬🇧: Britain wins gold in new BMX freestyle category and gold in first-ever Olympic mixed 4x100m medley relay

💻: Japan tests teleporting games and "remote cheering"

🏳️‍⚧️: Axios at the Olympics: Games grapple with trans athletes — Trans athletes see the Tokyo Games as a watershed moment

Go deeper: Full Axios coverage