We are thrilled to announce that MESH incubated media company Decrypt has spun out at a $50 MIL valuation with $10 MIL in Series A funding.
Decrypt was founded by Josh Quittner, Ryan Bubinski, and Ilan Hazan in 2018 during crypto winter. Four years later, Decrypt is now a company of 25 full-time employees and reaches 5MIL readers every month. The company made $1MIL in revenue last year and is expecting that to grow meaningfully this coming year.
Key leadership hires like Alanna Roazzi-Laforet, publisher and CRO, editor in chief Dan Roberts, and executive editor Jeff John Roberts, have played strategic roles in scaling the company to this stage and will be fundamental to Decrypt’s continued growth.
Post-spinout, Decrypt’s priorities include building out their editorial team, investing in Decrypt Studios, and supporting the development of PubDAO. Decrypt Studios is Decrypt’s production studio arm that is bringing artists, designers and thinkers into the Metaverse. One such project was the release of philosopher Peter Singer's NFT collection. PubDAO is a publishing DAO seeking to redefine media production and distribution using web3 tools.
Decrypt’s round is decidedly native to the web3 community with participation from several DAOs and web3 organizations. Venture capital investors include Hack.VC, Hashkey Capital, Canvas Ventures, Protocol Labs, and SK Group. DAOs that participated include Global Coin Research DAO, Own.fund, Honey DAO, and Orange DAO. MESH COO, Mike Kriak will sit on the board of the spun out entity.
We are thrilled by Decrypt’s Series A raise and look forward to seeing the team continue to succeed.
Decrypt news release here.