FootPrint Coalition Ventures, a venture fund launched by Hollywood actor Robert Downey Jr, has invested in Singapore and US-based biotech firm RWDC Industries.
The actor, best known for his role as ‘Iron Man’ in a series of Marvel’s movies, launched FootPrint Coalition Ventures on January 28 to focus on investments in sustainable technologies to address concerns such as deforestation and microplastics.
RWDC Industries makes PHA (or polyhydroxylalkanoate), a bio-based alternative to plastic, created by feeding used cooking oil to microbes. RWDC’s PHA — Solon — is certified by TÜV Austria to be fully biodegradable in soil, water and marine conditions.
Footprint Coalition Ventures plans to invest in early and sometimes late-stage companies alongside top institutional partners, according to its website. It has backed Paris-headquartered biotech company Ÿnsect, a large-scale producer of mealworm protein, and Seattle-based startup Cloud Paper, a maker of bamboo toilet paper and towels.
In May 2020, RWDC had raised $133 million in a two-stage Series B funding round co-led by venture capital firm Vickers Ventures, energy and resources player Flint Hill Resources, Swiss pension fund CPV/CAP Pensionskasse Coop and Interogo Holding-linked fund International SA. The round also saw the participation of existing investors Eversource Energy’s pension fund Eversource Retirement Plan Master Trust and venture capital investor WI Harper Group.