The pair plan to use their experience of a wide range of communications channels, including advertising, television and film production, digital communications, PR, sponsorship and product placement, at the start-up.
The third member and the chairman of the Wunjo team is David Evans, the chairman of the WPP-owned Grass Roots, which is the major shareholder in the company. Grass Roots will partner it on all CRM, data management and telecommunications activity.
The team will aim to run the agency by creating "parallel communications modules" to create extensions to existing client projects to create more integrated campaigns.
Price said: "We will aim to run Wunjo largely in the way the production companies work, taking on staff and companies for projects as and when we need them."
Wunjo Communications has launched in conjunction with Wunjo Entertainment, which will focus more on the television and film areas of the business.
A division called The Business will handle any production needs.