In a challenging environment for venture capital, Mercurius Media Capital (MMC) is rewriting the rules of startup funding.
Launched in 2023 with $90 million in committed capital, MMC is the first US-based media-for-equity venture fund, providing startups access to premium advertising inventory in exchange for equity stakes.
The approach allows high-potential consumer tech companies to grow brand awareness and user acquisition without sacrificing liquidity, making media itself a form of growth capital.
Tightening Venture Capital Markets
The backdrop for this shift is pretty stark. Global venture capital funding in August 2025 fell to around $17 billion, down 12% from the previous year and an alarming 44% month-on-month drop, marking the lowest total since 2017.
In the UK, Q2 2025 saw global VC deal volume fall to just 7,360 – the slowest quarter for venture capital in an astounding five years.
For founders, this contraction makes it increasingly difficult to secure the capital needed to fund growth marketing and customer acquisition. Yet, these are exactly the areas most critical for consumer-facing startups trying to establish market trust and visibility.
The MMC Model: Turning Equity into Exposure
MMC’s media-for-equity model provides a new kind of partnership. Instead of supplying cash, MMC offers advertising inventory sourced from its network of top-tier partners, including Sinclair Broadcast Group, TelevisaUnivision and Atmosphere TV, in return for equity ownership.
This gives startups nationwide exposure, enabling them to scale brand recognition quickly while preserving cash for other vital areas, including operations and product development.
For media companies, the model opens a new opportunity to monetise unused ad inventory and benefit from the upside of the next generation of tech innovators. Instead of selling airtime outright, they can invest it, aligning their interests with a startup’s long-term success.
Since its founding, MMC has invested nearly $30 million across its portfolio, with early results pointing to strong traction and measurable brand lift among its partner startups.
Case Studies: Media-for-Equity in Action
Recent tech investments show MMC’s model in action:
Mode Mobile
In May 2025, MMC invested $1 million, with an option for an additional $2 million, in targeted media inventory for Mode Mobile — a company reimagining how consumers can monetise their smartphone activity.
Mode’s “EarnPhone” enables users to earn rewards through daily phone use, blending fintech and attention-based economics. The campaign aims to supercharge Mode’s national recognition and user growth, positioning it as a leader in the emerging “earn-as-you-go” mobile space.
RYSE
A month earlier, in April 2025, MMC provided $2 million in media-for-equity investment to RYSE, a smart-home company known for its retrofit smart-shade automation technology. The company develops devices that automate existing window shades without the need for replacement, offering an affordable upgrade path to smart-home functionality. The partnership includes nationwide television, digital, and out-of-home media placements, aiming to strengthen RYSE’s media activity, brand presence, and sales across the US.
reAlpha
In March 2025, MMC invested $5 million in reAlpha, a real estate technology company building a commission-free homebuying platform. The investment supports reAlpha’s national awareness and customer acquisition efforts, amplifying its brand presence as it pursues its next stage of growth and fundraising. It also underscores MMC’s commitment to supporting innovative businesses with the potential to redefine industries such as real estate.
Together, these examples highlight how media-for-equity can act as an accelerant and transform visibility into valuation.
Why the Model Works
At its core, MMC’s model addresses two of the toughest challenges facing today’s startups:
Limited access to capital in a tighter venture environment.
Rising marketing costs needed to break through crowded consumer markets.
By offering “media capital” instead of cash, MMC gives startups the ability to sustain operations while gaining high-quality brand exposure. It’s not just about funding, but providing fuel for scaling awareness, trust and demand.For media partners, it represents a fresh investment category.. Ultimately, it aligns incentives: both media investors and startups benefit when campaigns drive measurable growth.
Building on a Proven Global Model
Media-for-equity is not entirely new – it has long been a successful alternative in Europe and Asia. Funds like Channel 4 Ventures in the UK and Aggregate Media in Sweden have used similar strategies to help startups scale. Even global companies such as Airbnb and Uber have leveraged media-for-equity to accelerate international growth.
A Catalyst for the Next Generation of Innovators
MMC’s founding partner Piyush Puri captures the firm’s vision: “At MMC, we see media-for-equity as a catalyst for shaping markets, not just growing companies.”
The strategy is as much about building category leaders as it is about funding them. By aligning media power with entrepreneurial innovation, MMC offers startups not only the exposure to scale faster but also the credibility that comes with national visibility.
As venture capital remains cautious, and marketing continues to be a major cost barrier for growth-stage startups, media-for-equity is emerging as a powerful new instrument in the startup financing toolkit. It brings together two essential forces, capital efficiency and brand momentum, under one structure.
The Future of Media Capital
Mercurius Media Capital is signalling a potential paradigm shift. Its approach suggests that media inventory can be as valuable as money when strategically deployed. For founders, that means access to millions of potential customers without burning through limited funds. For investors, it means a stake in the next wave of high-growth innovators.
As MMC continues to expand its partnerships and portfolio, it’s clear that the company isn’t just investing in startups – it’s investing in the future of how growth itself is funded.
