Bjork has partnered with a Reykjavik-based venture capital firm on a fund that will invest in companies that are socially and environmentally responsible and will help restore Iceland's battered economy.

The Icelandic alternative artist has established the venture fund with Audur Capital and given her name to it.

BJORK is intended for investors seeking opportunities in new venture creation and the development of small companies with the objective of helping the recovery of the Icelandic economy.

The BJORK venture fund will be run by Audur Capital, which has put down the initial investment of 100 million Iceland kronur ($826,000). It is seeking 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 the singer, and their latest investor, "has become a spokeswoman for innovation, creative thinking and increased diversity in the Icelandic economy."