GoFish Founder Back With New Seed Fund Concept

Unlike investor Mike Maples, who believes the Web 2.0 party is ending, Michael Downing, a serial entrepreneur who most recently founded the search-engine-turned-video-site GoFish, is counting on things just getting warmed up. Downing is three weeks into raising a new digital media, seed-stage venture fund that he’s calling Transmedia Capital. If he’s successful in pulling it together — and I understand it’s expected to take four to six months of fundraising — Transmedia will invest anywhere between $150,000 and $3 million in each company it backs.

The news is most interesting because of the way Transmedia will be structured: three partners will work with a 22-person venture partner “network” that it will call on for deals, the idea being to capitalize on each venture partner’s specific expertise. (Social media, vertical ad networks, and branded entertainment are among other areas where Transmedia will be trying to size up interesting startups.) Those venture partners will, in turn, vest into the general partners’ carry over a 12-month commitment. I’m guessing that most of them will also be LPs in the fund, though I could be wrong about that.

Downing’s partners at Transmedia are Chris Redlitz, the former president of Feedster and AdAuction, and intellectual property attorney Craig Cardon. Transmedia has also already assembled an advisory board that includes former Carat Americas CEO David Verklin; Omniture CEO and cofounder Josh James; and  producer Quincy Jones III.

I’m hoping to speak with Downing today; I’ll write an update when I learn more…