Decrypt Media has just announced its successful spinout from ConsenSys Mesh, the blockchain accelerator and incubator, after raising US$10 million in funding on a US$50 million post-money valuation.
The fundraise was joined by 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.
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.
Decrypt plans to invest in further editorial growth and live video efforts at Decrypt Media, and will continue to build out Decrypt Studios, which has seen 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.
“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. 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.”