Mumbai: Continuing its successful run, MemeChat (MC), a next-generation homegrown social media networking app, secured more than USD 1 million in its second round of funding led by Beenext, a Singapore-based venture capital firm. The angel investors in this round included Stanford Angels & Entrepreneurs, 9unicorns, Founders Room Capital, Gaurav Munjal, Roman Saini, and Abhishek Goyal.
With over 5 million downloads and 20 million memes generated on the application, MemeChat will continue to strengthen the userbase for its newly launched The Meme Club – An NFT Marketplace (TMC), develop its networking app by building tools to easily discover & share memes and build a stronger recall value for MemeChat.
Speaking on this development, Rahul Maheshwari- Investment Team- BEENEXT said “Memes are one of the most important social currencies for individuals as well as brands. While memes are widely circulated, their creators hardly get any credit or compensation. The team at Memechat has built some of the largest meme pages in India and has contributed to viral trends since their teenage. It is only natural that the Memechat team is now enabling an alternate economy of meme creators to earn money through brand partnerships, NFTs, and more!”
“Memes are the default social engagement platform for gen-next. MemeChat aligns with our thesis of investing in platforms that blend web3.0 and experiences seamlessly.” expressed Uday Sodhi, Co-founder of Founders Room Capital.
Commenting on the company’s funding, Kyle Fernandes, CEO & Co-Founder of MemeChat, said, “With a little over two years, Memechat has experienced exponential growth and an unwavering faith from a strong investor base. Leveraging the dynamism of technology and a strong social media community, Memechat has ensured to never fail its growing user base. As a company, we will continue to focus on building a greater creator economy, innovate our product portfolio, strategically leverage brand partnerships, and a lot more.”
