Meme Vault, an Aquis-listed Web3 investment firm, has raised £271,000 from investors as it looks to move operations to the middle east. 

The company, which previously operated under the names Mortgage Chat and Pitch Pit, raised the funds following the issuance of 1.35 million new shares. 

“We would like to thank our shareholders for their continued support as we have navigated the changing nature of the business, and we welcome the new shareholders joining us on this exciting journey,” said Brian Stockbridge, non-executive chairman at Meme Vault. 

“We as a board, are committed to making this new strategy a success and remain in service to maximising shareholder value. We intend to keep the market regularly updated as we start to progress the business.” 

The announcement has done little to change the group’s share price, which was valued at 0.019p at the opening of trading on Tuesday. 

According to Meme Vault, the new cash will be used to carry out its new strategy, which was announced in November alongside its rebranding from Pitch Pit. 

The company previously aimed to launch an artificial intelligence accelerator, however, it pivoted from the idea due to what it described as “adverse market conditions”. 

Its new strategy will see the group transition into a holding company with a portfolio of “cryptocurrency assets” and “Web3 project”. 

As part of its new strategy, the company has begun plans to eventually incorporate a subsidiary in Dubai, where it will “conduct its primary operations”. The United Arab Emirates city was chosen due to its regulatory environment concerning the crypto sector. 

The company has gone through a number of strategic pivots, having previously attempted to “capitalise on the promising opportunities within the medical cannabis sector”. 

In its most recent financial accounts, for the year ended December 2023, Meme Vault posted an operating loss of £218,000, slightly down from its £250,000 loss the previous year.

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