Former Warner Music CEO Edgar Bronfman Jr. Launches VC Firm for EarlyStage Media Startups
publish date: 2017-10-31
Waverley Capital is aiming to raise a debut fund of roughly $100 million.
Edgar Bronfman Jr., the former CEO and chairman of Warner Music Group, is launching media-focused venture capital firm Waverley Capital in partnership with Luminari Capital founder Daniel Leff.
The Waverley team is aiming to raise a debut fund of roughly $100 million, with the overarching mission of increasing media companies’ share of U.S. startup investments -- which amounted to just 2 percent in 2016, as first reported by Bloomberg.
Bronfman served as CEO of WMG from 2004 to 2011, then as the label’s chairman from 2011 to 2012. He currently serves as managing partner at Accretive LLC -- a position he took on in 2002 after selling his family business, Seagram Co., to Universal Music Group’s parent company Vivendi -- and plans to divide his time roughly equally between Accretive and Waverley moving forward.