Tucker Carlson’s new media company has found a backer.
Omeed Malik, through his newly launched 1789 Capital boutique investment firm, has invested $15 million in seed capital into Last Country, the startup founded by Carlson and Neil Patel, according to the Wall Street Journal.
The venture will ultimately be subscription-driven, but is currently building an audience with videos featuring Carlson streamed on Twitter, including a high-profile one with Donald Trump that ran at the same time as the first Republican candidates’ debate.
Malik, who also founded the bank Farvahar Partners, launched 1789 as an “anti-woke” equity firm. It is, at present, funded modestly, with $150 million to invest, which could make it hard for the company to compete against larger VC firms.
The investment in Carlson’s media business is meant to help it show proof of concept, which would enable the company to then take on larger capital investments. It does not assign a valuation, at present, to the business, according to the WSJ.
Carlson was abruptly pushed out of Fox News on April 24. No official reason was given, but in the weeks since the action, leaks revealed he had allegedly sent misogynistic and vulgar messages about his coworkers. Tucker Carlson Tonight was Fox’s most-viewed evening program, averaging 3.2 million viewers during the first quarter.
On May 9, weeks after his departure, Carlson announced plans to bring a new version of his show to Twitter. In doing so, he reportedly gave up any severance payments he might have been owed by Fox. Puck News’s Dylan Byers, on Twitter, wrote at the time: “He will forgo at least $25 million owed to him by Fox Corp. in order to break noncompete clause.”
This story was originally featured on Fortune.com