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Merit Systems Secures $10M Funding to Enhance Open Source Developer Incentives

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Jan 17, 2025

Merit Systems, based in Brooklyn, New York, has successfully closed a $10 million seed funding round led by Andreessen Horowitz's crypto fund and Blockchain Capital. The company aims to address the 'attribution problem' in open source development by creating a protocol for fair attribution and reward mechanisms, enabling direct payments to software creators. Co-founded by Sam Ragsdale, Ryan Sproule, and Mason Hall, Merit Systems is valued at $55.5 million and plans to launch a broader product version by the end of February. The company is expanding its team, intending to hire seven more employees to foster a collaborative on-site work culture at their Domino Sugar Factory office.

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