Bjork [ tickets ] has helped to establish a venture fund that will invest in companies that are socially and environmentally responsible and will help restore Iceland's battered economy, according to Billboard. The singer established the fund--which she named BJORK--with Reykjavik-based firm Audur Capital.

The BJORK venture fund 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.

Audur, which will fund the new entity, has put down the initial investment of 100 million Iceland kronur, which is $826,000, and is seeking investors to participate in the fund; investments will close by March 2009, according to the Billboard report.

On Audur's website, it states that Bjork has become a spokesperson for innovation, creative thinking and increased diversity in the Icelandic economy.

The BJORK venture fund will invest in sustainable businesses that create value through the country's unique resources, spectacular nature, vibrant culture and green energy.