MemeChat Gets $150,000 Funding From Global Investors The company becomes the only Indian firm to enter 500 Startups flagship accelerator program in 2020
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Meme-creating and networking platform MemeChat on Monday announced to have raised $150,000 from global venture capital firms and said to have become the only Indian startup to be included in the 500 Startups flagship accelerator program for its 27th batch in 2020.
The funding will be used to revamp the platform and make it more user-friendly. The platform was picked for both the funding and the accelerator program after a meticulous process of selection. With an international presence, the company will now be targeting a global user base.
As part of the 500 Startups accelerator program, the app will get the opportunity to network with and learn from other cutting-edge startups in the world.
The program also secures the company's position among the most sought-after startups globally.
This comes after MemeChat was named among the best apps under the AatmaNirbhar App Innovation Challenge. It won under the people's choice for the best app under the entertainment category.
"Securing the funding from a globally renowned firm like 500 Startups will help us to push the accelerator on our growth plans. For a young company like MemeChat, this global recognition is a huge boost. It will also help us gain more exposure and visibility in the startup ecosystem," said Kyle Fernandes, chief executive officer, and co-founder, MemeChat, while speaking on their future plans.
The company has said to be focusing on improving the user experience with a refurbished app that contains a host of new features. The interactive format allows users to post comments and roast each other. They can also save their favorite memes on their keyboard. Among the new features that were introduced were MemeChat group battle and a trending section. The MemeChat group battle will act as a platform where users can battle it out with each other using memes. It's designed as a debating platform for memes. The trending section informs users of the popular memes of the day and why they are viral.
Launched in 2019, the app has gathered a following of more than the current user base of 1.2 million users and over 5 million memes. It is the official partner for top Indian OTT platforms like ALT Balaji, Hotstar, and Amazon Prime, creating their user-generated memes.