Private equity and venture capital have been generous to U2 frontman Bono, who helped found Elevation Partners, but as far as the public is aware, there are no other rock stars associated so closely with a private capital firm, until now. Bjork, another single named singer, is following Bono's lead.
Continue reading below
The Icelandic alternative rock star known for her pixie-like demeanor has seeded Icelandic venture capital firm Audur Capital's latest fund with 100 million Icelandic kroners ($816,330), according to the firm's Web site. While Bono has focused the much larger Elevation Partners on what he knows best, media, (leaving social and political causes primarily to his philanthropic efforts), Bjork is focusing her venture fund primarily on her social and political causes, namely environmentalism. The BJORK fund as Audur calls it will invest in early-stage alternative energy or green technologies in beleaguered Iceland, which sought an emergency loan from the IMF as a result of its exposure to the credit crisis.
Audur expects to raise additional capital for the fund, and plans a final close in March.
Audur was founded by two Icelandic business women, Halla Tomasdottir, who was the Managing Director of the Iceland Chamber of Commerce, and Kristin Petursdottir, who was Deputy CEO of Kaupthing Singer & Friedlander in London. Although Bono named his firm after a U2 song, Bjork did not choose the name Audur, because the firm was founded before she joined, nonetheless the name has important meaning in Icelandic. Audur was a famous Viking woman known for her wisdom, notes Audur's Web site. - Matthew Wurtzel
See story from The New York Times' Bits blog
See Audur Capital's Web site about the BJORK Fund
