Decrypt raises $10 million and becomes an independent Web3 media company

Today we have some exciting news to share about our company: Decrypt has raised $10 million in funding from 22 investors for a post-money valuation of $50 million, and parted ways with ConsenSys Mesh .

We launched Decrypt in 2018 as part of the ConsenSys Mesh incubator program with the goal of helping the world understand crypto and Web3. At the time, it was “Crypto Winter” and sentiment towards the industry was far from rosy, but we believed that crypto and blockchain-based technology was here to stay, and that the industry deserved a media brand that covers it all clearly and honestly. .

Now crypto is more mainstream than it has ever been. Decipher the media, which includes Decipher the studiospossesses 25 full-time employees and reaches an average of 5 million readers each month.

Our new investors range from traditional venture capital firms to Web3 funds to DAOs and angel investors (see full list here). Funding will be used to expand our roster of excellent journalists and strengthen video and live events, invest in our Decipher the studios production arms, and continue to develop PubDAOthe decentralized media project we are building with other publisher partners.

It’s a pivotal time to be in the Web3 space, which is changing at a breakneck pace. On our editorial side, our vision remains the same as it has always been: to demystify crypto and blockchain for readers of all skill levels with our daily news coverage and Learn section. We now have two great value podcasts (our daily news digest Decrypt Daily and gm, our bi-weekly conversation with the biggest names in crypto); a daily email newsletter, a weekly DeFi edition and a Saturday edition; and we organize panel discussions and live video interviews.

On the business side of our house, Decrypt Studios is seeing success with branded NFTs and metaverse activations in fashion, entertainment, and real estate for clients. We are also planning more intimate live events and dinners over the next two years under our Camp Decrypt umbrella, following a hugely successful rally in Wyoming in March.

In our first three years, ConsenSys Mesh and CEO Joe Lubin gave us the financial support we needed to grow and never weighed us down or interfered with the editorial staff. We would like to thank Joe, Michael Kriak, and the Mesh team who helped bring us to the forefront of the crypto press.

Now, as a truly independent news organization, we will be able to take a truly native Web3 approach. ConsenSys Inc remains a minority investor, along with Hack.VC, Hashkey Capital, Canvas Ventures, Protocol Labs, SK Group, Nexo Inc, four DAOs, and a number of strategic people supporting our vision.

We also welcome all crypto builders, writers, editors, illustrators, marketers and DAO reps into PubDAO, whom we integrate into a comprehensive talent pipeline to help address issues with existing broken digital media models. We’re building this not just for us, but for all publishers, not just crypto sites. If you are curious, Join our Discord.

Together with Decrypt, Decrypt Studios and PubDAO, we are laying the foundation for a new approach to media, which uses Web3 applications to chart a better path for everyone. We would like to thank our investors and readers for joining us on this journey.

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Cathy W. Howerton