Bronfman Jr. teams up with investor for startup media fund

Edgar Bronfman Jr. is teaming up with a second investor to create a fund that is targeting disruptive startup media companies.

The new company, Waverley Capital, will count Bronfman as chairman and Daniel Leff, the former founder and managing partner of Luminari Capital, as CEO and co-founder.

Bronfman was already a senior adviser to Luminari and was one of its principal investors. Bronfman told Media Ink that while he and Leff are looking for a new investor to take Luminari to the next level, they instead decided to start a whole new fund.

The company is hoping to raise $100 million.

“We’re looking solely at companies that are innovative and disruptive in media,” said Leff.

Bronfman said that the new firm anticipates doing “about 20-ish investments” and is seeking to make seed and early-stage investments.

In the past, Luminari, a $35 million fund, has invested in Roku TV — which went public in September — The Athletic, FuboTV and Pluto TV.

Buying Rolling Stone would not be in the cards.

“Jann Wenner’s a friend of mine and I wish him well, but Rolling Stone is a current media company,” Bronfman said. “We’d look a businesses that disrupt and innovate — so it’s not the kind of business we’d be looking at.”