TORONTO--(BUSINESS WIRE)--Mash, the payments platform that is enabling builders, creators, and developers to properly monetize their experiences leveraging Bitcoin and the Lightning Network, today announced that it has raised US$6 million in seed funding. The investment was co-led by Castle Island Ventures and Whitecap Venture Partners, with participation from Maple VC, Strategic Cyber Ventures, Aquanow, Spacecadet Ventures, and several angel investors including Amjad Masad, Balaji Srinivasan, Austin Hill, John Pfeffer, and Dean Skurka.
Mash aims to remonetize the internet by enabling builders, creators, and developers to implement net-new business models to generate revenue for the experiences they deliver; and by providing consumers with a digitally native wallet to use everywhere. The Mash technology is built on a foundation of Bitcoin and Lightning, which together bring the power of open, digitally native money to global markets, enabling interoperable payments to anyone, anywhere around the world at immaterial cost, programmatically, and for any amount – even a fraction of a penny.
Solving the massive internet monetization problem
Mash is addressing the monetization problem experienced by builders of no-code apps, games, widgets, and tools; developers of applications and platforms; and creators of communities and content. The people behind these digital experiences are unable to implement pricing models that allow them to generate revenue that aligns with the actual value and quality of what they are delivering. Instead, they rely on i) ads that require millions of users and result in earnings based on consumers purchasing something else; ii) subscriptions and up front-purchases that have a significant commitment barrier and which don’t convert and result in churn; or, iii) aggregators that restrict, censor, and control them.
“Online content monetization is deeply broken today. As a scalable, data-efficient, and high-granularity system, Bitcoin’s Lightning Network is uniquely suited to solving this problem, and Mash employs it wonderfully,” said Nic Carter, General Partner at Castle Island Ventures, which also led a pre-seed investment in Mash. “We’ve redoubled our commitment to Mash and look forward to continuing the journey with the team.” Concurrent with the funding round, Carter will join the Mash board of directors.
A new approach to monetization
By enabling builders, developers, and creators to offer flexible, “pay-as-you-enjoy” pricing options, Mash is eliminating any up-front commitment barriers to purchase. Mash allows for pricing based on usage, access, and time – from content read, messages sent, votes made, crowd-unlocks, tips, games played, time spent watching/listening, boosts, downloads, and more. This approach gives consumers clear control of their spend and enables them to consume, engage, and interact while they “stream money.” With Mash, consumers will also be able to try before they buy, and auto-pay without interruption or concern for overspending – without having to lock in their funds to a single experience they may never use again. Payment is facilitated using a native digital wallet that does not need to be downloaded, is interoperable across the internet, and can be loaded directly with a credit card or Bitcoin.
“There’s an explosion in the number of people who want to be full-time creators and builders. But to go full time, they need an easy way to actually monetize the value they deliver,” said Jared Nusinoff, founder and CEO of Mash. “Bitcoin and Lightning are transformative, redefining money on a global scale, creating the perfect opportunity for us to change the fabric of all online experiences and unlock fundamentally new business models that reward and incentivize the proliferation of quality, trusted and high-value experiences.”
Significant progress in the first year
Since founding the company in March 2021, Mash has established a world-class engineering and design team with top tier startup and big tech experience at companies such as Google, Amazon, Typeform, Fitbit, Lazer, and others. The company recently launched a beta version of its first product that enables web apps and creators to charge based on access/usage and add a consumer digital wallet with just a snippet of code. Mash is also in the process of onboarding several partners.
Mash will use the funds to build out and commercialize its Bitcoin and Lightning Network payments platform; grow its team across engineering, marketing, sales, and business development; and execute on its go-to-market strategy.
“With the maturation of Bitcoin and the Lightning Network, the timing has never been better to commercialize the concept of dynamic digital payments,” said Russell Samuels, Partner at Whitecap Venture Partners. “With tens of millions of developers globally, and hundreds of thousands of new apps launching each year, the potential for Mash is significant. We are proud to be partnering with the Mash team.” Samuels will join the Mash board of directors as a Board Observer.
About Mash
Mash is the transformative Bitcoin Lightning Network payments platform enabling usage-based monetization for builders, developers, and creators. The company is on a mission to fix the fundamental flaw with the internet that prevents the monetization of content, tools, no-code products, applications, platforms, and other online experiences based on value and quality. The remote-first company was founded in 2021 and is led by a team of builders with experience at notable start-ups, scale-ups, and big tech enterprises. For additional information, visit getmash.com.
