Memes Lab raises $2.3 million in seed round led by Lemniscap

Memes Lab has announced the closure of a $2.3 million seed round led by Lemniscap and featuring participation from TVM Ventures, Animoca Brands, OKX Ventures, Mirana Ventures, Kucoin Ventures, GSR, Amber Group and others.

The fresh funds will go toward the development and rollout of the TON application's unified platform for the creation, trading and distribution of memecoins, according to a press release shared with The Block.

The project also claims the funding will go toward preparation for its token generation event, or TGE.

"Our mission is to place community back at the heart of the memecoin movement," Memes Lab cofounder and COO Vova Sadkov said in the statement. "We have a clear mandate to simplify memecoin creation and distribution while reigniting the collective excitement and engagement that make memecoins so special."

Lemniscap founder and managing partner Roderik van der Graaf said that they are "delighted" to lead the seed round, adding that "by empowering users to effortlessly launch memecoins and airdrop them to friends and communities, Memes Lab is bringing a fresh sense of vibrancy to the burgeoning meme economy."