Decrypt raises $10 million for a publication covering the crypto economy
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Decrypt, a media company demystifying crypto and the decentralized web, has raised $10 million in funding as it exits blockchain accelerator ConsenSys Mesh.
Decrypt also has a production arm Decrypt Studios, a web 3 studio specializing in metaverse activations. Decrypt raised the funding round on a post-money valuation of $50 million.
The capital injection comes from more than 15 investors, including venture capitalists, Decentralized Autonomous Organizations (DAOs), Web 3 Organizations and Angels, in line with the decryption mission of progressive decentralization as it becomes independent.
Decrypt was co-founded by magazine veteran Josh Quittner (Time), Ilan Hazan, and Ryan Bubinski during the “crypto winter” of 2018. It was launched as part of the ConsenSys Mesh incubator program with the aim of helping the world understand crypto and the web 3 and has since grown to 6 million average monthly unique visitors and 27 full-time employees.
In 2021, the publication brought in Dan Roberts (Yahoo Finance, Fortune) as editor, Jeff John Roberts (Fortune) as editor, and reporters 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 studio Web3 which partners with brands and creators to organize 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 with investor support,” Quittner said in a statement. “With the addition of Dan, Jeff, and Alanna, along with a global roster of powerhouse journalists, Decrypt has taken a huge leap forward in credibility and like-mindedness. These early successes propelled us into the top three crypto publications in terms of traffic and reputation. Today, we are happy to announce that we are ready to take the next step towards our independence. Our deepest thanks and gratitude to Joe Lubin, Michael Kriak and the Mesh team who have helped ensure the success of this endeavor in a publication at the forefront of the crypto press.
A syndicate of around 20 investors comprised the $10 million fundraising 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 people.
“At Decrypt Studios, we’re building a production arm that will allow brands and advertisers to harness the full power of Web3, while giving consumers a more immersive and authentic experience with the brands they love,” said Roazzi. -Laforet, in a statement. “We are sharing these stories through an entirely new lens, using 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 outstanding accelerator partner in Mesh and a world-class team of crypto and Web3 professionals, Decrypt Studios is poised for long-term success.
Decrypt plans to invest in editorial growth and live video efforts at Decrypt Media, and will continue to grow Decrypt Studios, which is seeing success with branded non-fungible tokens (NFTs) and fashion metaverse activations, entertainment and client real estate. It will also invest heavily in PubDAO, the decentralized Decrypt newswire co-launched in October with other partners and advisors that is used as a way to source stories, press releases and other crypto work from a truly native Web3 way.
“Crypto has become so mainstream over the past two years that there is a flurry of crypto news daily, and it can be overwhelming for people,” Decrypt’s Roberts said in a statement. “At Decrypt, we break it all down with excellent, clear writing for readers of all levels of understanding. Now, with our spin-out and newfound independence, we can continue to deliver the highest quality Web3 journalism and bolster our video interviews, top-tier podcasts and popular live events.
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