Decrypt Raises $10M in Funding and Spins Out from ConsenSys Mesh
May 4, 2022 — In the Metaverse & Wyoming — Leading crypto news publication and Web3 studio Decrypt has just announced its successful spinout from ConsenSys Mesh, the blockchain accelerator and incubator, after raising $10M in funding on a $50M post-money valuation, with plans to invest in editorial and production units, and to further develop PubDAO, the decentralized newswire co-launched by Decrypt and partners.
The infusion of capital comes from more than 15 investors, including venture capital firms, DAOs, Web3 organizations, and angels, in keeping with Decrypt’s mission of progressive decentralization as it goes independent.
Decrypt was co-founded by magazine veteran Josh Quittner (Time Inc.), Ilan Hazan, and Ryan Bubinski during the “crypto winter” of 2018. It was launched inside the ConsenSys Mesh incubator program with the aim of helping the world understand crypto and Web3 and has since grown to 5 million average monthly unique visitors and 25 full-time employees.
In 2021, the publication brought on Dan Roberts (Yahoo Finance, Fortune) as Editor-in-Chief, Jeff John Roberts (Fortune) as Executive Editor, and journalists from ABC News and The Street. Veteran media and technology executive Alanna Roazzi-Laforet (Condé Nast, IAB), who joined as Publisher and Chief Revenue Officer, launched the company’s production arm Decrypt Studios, a new breed of Web3 studio that partners with brands and creators to curate NFT and metaverse activations.
“The first three years of Decrypt were foundational, and ConsenSys Mesh gave us all the support we needed to grow without the pressures that often come from being investor-backed,” says Quittner. “With the addition of Dan, Jeff, and Alanna, along with a global roster of powerhouse reporters, Decrypt took a huge leap in credibility and mindshare. These early successes vaulted us into the top three crypto publications in traffic and reputation.
Today, we’re pleased to announce we’re ready to take the next step into our independence. Our deepest thanks and gratitude to Joe Lubin, Michael Kriak, and the team at Mesh who helped to ensure the success of this venture into a publication on the vanguard of crypto press.”
A syndicate of some two dozen investors comprised the $10M fundraise and included Hack.VC, Hashkey Capital, Canvas Ventures, Protocol Labs, SK Group, as well as four DAOs (Global Coin Research DAO, Own.fund, Honey DAO, and Orange DAO) and a number of strategic individuals.
“At Decrypt Studios, we’re building out a production arm that will enable brands and advertisers to harness the full power of Web3, while giving consumers a more immersive and authentic experience with the brands they love,” says Roazzi-Laforet. “We’re sharing these narratives through an entirely new lens, utilizing the next generation of storytelling devices – like NFTs and virtual worlds in the metaverse – to create content that will take viewers beyond the confines of traditional media. With an exceptional accelerator partner in Mesh and a world-class team of crypto and Web3 professionals, Decrypt Studios is primed for long term success.”
Decrypt plans to invest in further editorial growth and live video efforts at Decrypt Media, and will continue to build out Decrypt Studios, which is enjoying success with branded NFTs and metaverse activations in fashion, entertainment, and real estate for clients.
It will also invest heavily in PubDAO, the decentralized newswire Decrypt co-launched in October with other partners and advisors that is being used as a way to source stories, press releases, and other crypto work in a truly Web3-native way.
“Crypto has gone so fully mainstream in the past couple years that there’s a firehose of daily crypto news, and it can be overwhelming for people,” says Decrypt EIC Dan Roberts. “At Decrypt, we parse through it all with excellent and clear writing for readers of all understanding levels. Now, with our spinout and new independence, we can continue to offer the highest-quality Web3 journalism and beef up our video interviews, high-level podcasts, and our popular live events.”
Bubinski, who helped co-found PubDAO, adds:
“With PubDAO and Decrypt, we’re laying the foundation for a new approach to media publishing by creating a decentralized network where creators and their audience own the platform they monetize through—a media marketplace with better economics for creators, new monetization options, and a healthier ecosystem. We’re incredibly excited to co-create this future with Decrypt and the broader Web3 community.”
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For more information or to speak with the Decrypt team, contact Kristin Canders at email@example.com.
About Decrypt Media
Decrypt was founded in 2018 with a simple mission: to demystify the decentralized web.
We are a site dedicated to helping people understand this brave new world: Whether it’s trust-less networks, privacy coins or oracles, we strive to produce original coverage of the biggest stories, insightful profiles on the industry’s movers and shakers as well as engaging educational content to connect the dots.
Our aim is to highlight to our readers what really matters, whilst providing a toolkit to understand the fundamentals. We are a map for the doers of Web3, to help navigate the space and uncover the expertise and resources they need to shape the industry for themselves.
About Decrypt Studios
Decrypt Studios is a new-breed production studio dedicated to bringing artists, designers, and thinkers to the Metaverse. We demystify digital assets and virtual worlds, providing tools to help creatives reach audiences in completely new ways.
With roots in Ethereum, access to the latest technologies through the Mesh venture group, and a finger on the pulse of the crypto and blockchain worlds through Decrypt Media, Decrypt Studios is the premier Web3 studio creating unique projects and activations in the Metaverse and across all new technological platforms.