Meme Vault, a UK-based Web3 investment firm, has successfully raised £271,000.
- The funds will assist in establishing operations in the Middle East, specifically Dubai.
- This marks a strategic shift, as the company moves away from its original AI accelerator plans.
- The decision reflects confidence in the regulatory environment of the United Arab Emirates.
- Despite the raised funds, the company’s share value remained stable at 0.019p.
Meme Vault, an investment firm listed on the Aquis Exchange, has secured £271,000. This capital will support its move to the Middle East, aiming to establish a subsidiary in Dubai. The choice of Dubai resonates with the city’s favourable regulatory climate for cryptocurrency enterprises.
Previously known as Mortgage Chat and Pitch Pit, Meme Vault has undergone significant transformation. Initially focused on launching an artificial intelligence accelerator, the company pivoted due to challenging market conditions. Now, its focus is on becoming a holding company for cryptocurrency assets and Web3 projects.
Brian Stockbridge, the non-executive chairman, expressed gratitude towards shareholders for their support through these changes. He assured them of the board’s determination to enhance shareholder value and commitment to the success of this new strategy.
Noteworthy is the fact that the company’s share price did not react significantly to the fundraising news, holding steady at 0.019p at the opening of trading. This steadiness suggests a wait-and-see approach by investors regarding the firm’s strategic direction.
The strategic pivot involves moving primary operations to Dubai, motivated by its regulatory facilitation towards crypto ventures. Previously, the company attempted to delve into the medical cannabis market, highlighting its adaptive business model.
Financially, Meme Vault reported an operating loss of £218,000 in its last financial year, slightly improving upon the previous year’s loss. This financial backdrop emphasises the importance of the newly raised funds and the strategic pivot for future prospects.
Meme Vault’s recent financing underscores a significant strategic shift towards crypto and Web3 operations in the Middle East.
