Originally published October 18, 2023 8:01 am PDT
In a move highlighting the growing parallel economy catering to conservative consumers, 1789 Capital, an investment firm founded by Omeed Malik, has infused $15 million into the latest media venture helmed by Tucker Carlson and Neil Patel.
This news comes after Carlson’s departure from Fox News in April, following which his show on platform X skyrocketed in popularity, racking up hundreds of millions of views.
Carlson’s contention that traditional corporate media is on the decline is reflected in the massive traction his show has received.
There had been previous speculation about Carlson’s show drawing interest from prominent GOP donors.
The Wall Street Journal disclosed that the media venture, operating under the Nevada-based holding entity “Last Country, Inc.”, secured its funding on Monday through a “SAFE” structure (Simple Agreement for Future Equity), a commonly used investment framework developed by the renowned Silicon Valley accelerator, Y Combinator.
Sources close to the transaction shared that the overarching aim of 1789 Capital’s investment is to shepherd Carlson and Patel’s online video-centric business model beyond its conceptual stage, laying the groundwork for substantial future fundraising endeavors.
Prior to this collaboration, Malik’s firm had a financial stake in the Daily Caller, another digital media platform founded by Carlson and Patel.
This new investment aligns with 1789 Capital’s core investment philosophy of “EIG” (entrepreneurship, innovation, and growth).
This approach is posited as an alternative to the woke “ESG” strategy (focused on environmental, social, and governance factors) which, according to Malik, has encountered setbacks over the past year.
Emphasizing the potential scale of the parallel economy, Malik pointed to the 74 million Americans who supported former President Trump in the last election as evidence of the vast market awaiting capture.
Citing the recent surge in sales for Conservative Dad’s Ultra Right Beer, which occurred after Bud Light’s controversial collaboration with transgender influencer Dylan Mulvaney, Malik queried, “Where’s the money going to go?”, and confidently asserted, “I want us to be the beneficiary of it.”
In addition to focusing on the burgeoning parallel economy geared towards right-leaning consumers, 1789 Capital’s investment strategy is categorized into two additional segments: promoting “deglobalization”, by encouraging companies to move their operations back to the U.S., and “anti-ESG”, wherein they offer financial support to businesses that have faced challenges in securing funds due to what Malik terms the “ESG cult.”
