Decrypt, a crypto and decentralised web-focused media company, and production arm Decrypt Studios, a Web3 studio specialising in metaverse activations, has completed a spinout from ConsenSys Mesh, the blockchain accelerator and incubator, after raising $10 million in funding on a $50 million post-money valuation.
The infusion of capital comes from more than 15 investors, including venture capital firms, DAOs, Web3 organisations, and angels, in keeping with Decrypt’s mission of progressive decentralisation as it goes independent.
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.
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.
