January 17, 2025
Merit Systems, a Brooklyn-based startup operating out of the Domino Sugar Refinery, has announced a $10 million seed funding round. The round was co-led by Andreessen Horowitz’s crypto fund and Blockchain Capital. Founded by Sam Ragsdale, Ryan Sproule, and Mason Hall, the company aims to provide a solution for compensating open-source software developers by introducing a platform that ensures proper attribution and fair rewards for their contributions.
Open-source software forms the foundation of much of today’s digital infrastructure, but there is no universal framework for rewarding its creators. Merit Systems plans to address this gap through a protocol that allows users to directly compensate developers based on the value they generate. The company, currently valued at $55.5 million post-funding, expects to roll out its platform to a broader audience by February, following initial testing and feedback from early adopters.
About Merit Systems
Merit Systems develops tools to address the attribution challenges faced by open-source developers. The company’s platform seeks to create sustainable economic models for contributors in the open-source ecosystem. The company is working on a platform to provide sustainable economic models for contributors in the open-source ecosystem.
Website: https://www.merit.systems/
X: @merit_systems
About Investors
Andreessen Horowitz
Andreessen Horowitz is a venture capital firm that focuses on investing in technology companies at various stages, with an emphasis on blockchain, cryptocurrency, and financial technology innovations.
Location: Menlo Park, California
Website: https://a16zcrypto.com/
Blockchain Capital
Founded in 2013, Blockchain Capital is a venture capital firm dedicated to supporting projects within the blockchain ecosystem. The firm invests across all stages of development and aims to advance the adoption of blockchain technology.
Location: San Francisco
Website: https://www.blockchaincapital.com/
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