By - Versha Jain
Highlights
- Decrypt was co-founded by Josh Quittner, Ilan Hazan and Ryan Bubinski in 2018.
- On Tuesday, Decrypt announced raising US$10 million after its spin-off from ConsenSys Mesh.
- Decrypt Media reaches an average of five million readers per month.
Crypto-centred media company Decrypt on Tuesday said it raised US$10 million from nearly two dozen investors for building its editorial team, Decrypt Studios, and PubDAO.
The company said 22 investors, including VCs, DAOs, Web3 organizations, and angel funds, participated in the funding drive “at a US$50 million post-money valuation”.
Decrypt spun out from blockchain technology incubator ConsenSys Mesh after it was co-founded by Josh Quittner, Ilan Hazan and Ryan Bubinski in 2018. It was created under ConsenSys Mesh’s incubator program to help people understand cryptos and Web3.
Decrypt Media has 25 full-time employees. The media company reaches an average of five million readers every month.
The company plans to use the funds to strengthen its editorial team, beef up its video and live events, and build Decrypt Web3 Studios and PubDAO. Decrypt specializes in metaverse activations through partnerships with brands and creators.
Decrypt’s PubDAO is a decentralized newswire that provides crypto and Web3-related information, including stories, press releases, etc.
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It aims to demystify crypto and blockchain technology. Currently, the company hosts two podcasts and publishes a daily newsletter, a weekly DeFi magazine, and a special Saturday edition. Besides, it holds video roundtables and interviews.
Decrypt Studios found success through its collaborations with fashion, entertainment, and real estate entities, mainly for NFT and metaverse activation.
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After spinning out from ConsenSys Mesh, Decrypt is now an independent news organization. It plans to take the Web3-native approach for its business.
However, ConsenSys and other investors such as Hack VC, Hashkey Capital, SK Group, Protocol Labs, and Canvas Ventures will continue to hold a minority stake in Decrypt.
Decrypt has lauded ConsenSys Mesh CEO Joe Lubin, who provided it with the financial support in its initial stage.
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Decrypt hopes to attract writers, editors, illustrators, marketers, and DAO experts to help achieve its goals.