A media company demystifying crypto and the decentralised web has raised $10 million in funding and spun out of blockchain accelerator ConsenSys Mesh.
The funding values Decrypt and its production arm Decrypt Studios, a Web3 studio specialising in metaverse activations, at $50m.
The infusion of capital comes from more than 15 investors, including venture capital firms, DAOs, Web3 organisations and angels.
Decrypt was co-founded by Time magazine veteran Josh Quittner, 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 five million average monthly unique visitors and 25 full-time employees.
In 2021, the publication brought on Dan Roberts, formerly of Yahoo Finance and Fortune, as editor-in-chief, former Fortune figure Jeff John Roberts 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.
“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,” said Roazzi-Laforet. “We’re sharing these narratives through an entirely new lens, utilising 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 will also invest heavily in PubDAO, the decentralised 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.