Bjork becomes a venture capitalist to save Icelandic economy

As the world economy crumbles, Bjork, the forever eccentric Icelandic pop star, has decided to become a venture capitalist. The 43-year-old singer (pictured) is sinking a slice of her fortune into a Reykjavik-based firm, Audur Capital, to establish a fund that will invest in small, socially and environmentally responsible companies.

The fund will be called BJORK, and its purpose is to help rejuvenate the Icelandic economy, which was an early victim of the global financial crisis. With an initial investment of $826,000, it is seeking other investors to participate in the fund, with investments to close by March 2009.

"The fund will invest in sustainable businesses that create value through the country's unique resources, spectacular nature, vibrant culture and green energy," according to Audur Capital's Web site.

It also states that Bjork, the holder of 13 Grammys and two Golden Globes (one for acting), "has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy."