After a failed investment in Fisker Automotive, Hollywood star Leonardo DiCaprio has put his cash in another electric car startup. The actor has co-founded a Monaco-based electric racing team that will compete in the new Formula E series, according to a report published by MSN.

DiCaprio struck a partnership with Venturi Automobiles. The Monaco company manufactures electric cars that hold the record for the world's fastest electric land speed. This partnership aims to help advance battery-electric technology, the report said. In addition, the actor is also hoping to make an actual return on his investment, the report explained.

Three other partners entered the said deal. Venturi owner Gildo Pallanca Pastor, New York backpack company owner Bert Hedaya, and Italian money lender Francesco Costa are also part of the transaction, the report said.

Formula E looks more promising than Fisker. The cars are spinoffs of Formula 1, but with a much slower speed of 140 miles per hour and a fourth of the horsepower, the report detailed.

So far, 10 teams have signed up for the Formula E competition, including Venturi. The event runs races in 10 cities in cluding Los Angeles and Miami starting next September, MSN reported.