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Decrypt, a media company demystifying crypto and the decentralized web, has raised $10 million in funding as it spins out from 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 $50 million post-money valuation.
The infusion of capital comes from more than 15 investors, including venture capital firms, decentralized autonomous organizations (DAOs), web 3 organizations, and angels, in keeping with Decrypt’s mission of progressive decentralization as it goes independent.
Decrypt was cofounded by magazine veteran Josh Quittner (Time), 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 web 3 and has since grown to 6 million average monthly unique visitors and 27 full-time employees.
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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,” said Quittner, in a statement. “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 $10 million 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,” said Roazzi-Laforet, in a statement. “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 non-fungible tokens (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’s Roberts, in a statement. “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.”
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