Decrypt, the popular news site announced on Tuesday that it has raised $10 million in a funding round and has spun out from its parent company, ConsenSys Mesh, the blockchain incubator. ConsenSys Inc still remains a minority investor. The funding round was raised on Decrypt’s post-money valuation of $50 million.
The funds were raised from over 22 VC investors. The list included known VC names like Hashkey Capital, Hack.VC, Protocol Labs, SK Group, and Canvas Ventures. The investors also had DAOs like Global Coin Research DAO, Honey DAO, Orange DAO, and Own.Fund. Decrypt plans to build its web3 studio Decrypt Studios which will specialise in branding NFTs and other metaverse activations in fashion, real estate and entertainment. The funds will also be invested in Decrypt’s DAO PubDAO, its decentralised DAO.
Decrypt will now be an independent entity. CEO and co-founder Josh Quittner thanked Joe Lubin for his unwavering support to the news organisation since the firm’s inception in 2018 under the ConsenSys Mesh incubator program.
“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, adding, “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 the crypto press."
Decrypto was launched inside the ConsenSys Mesh incubator program in 2018 to make web3 and crypto understandable to the masses. Despite 2018 being tagged as a ‘Crypto Winter’, Decrypt believed in the potential of cryptocurrency as an industry and was of the opinion that there was a need for a media brand that would cover all the events happening in the crypto world truthfully.
Decrypto has grown into a full-blown media house today with its own studio and 25 full-time employees. It has a monthly readership of five million. Decrypt’s official website states, “On our editorial side, our vision remains the same as it"s always been: to demystify crypto and blockchain for readers of all understanding levels with our daily news coverage and our Learn section."
Shashank is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash
First Published: May 04, 2022, 16:46
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