Bitcoin Rewards Platform Lolli Raises $5 Million From VCs, Celebrities
With Bitcoin continuing to show strength (despite a few ebbs this week), another startup in the crypto space has announced a new round of investment. This week, the Bitcoin rewards platform Lolli announced that it had secured $5 million in funding. The “pre-Series A” round included participation from firms Seven Seven Six and Night Media. Additionally, celebrities including Casey Neistat, Philip DeFranco, and many other individuals participated alongside sports hero Serena Williams’ Serena Ventures. This latest raise comes after Lolli’s $3 million seed round, which featured PathFinder, Bain Capital, and Ashton Kutcher among others.
Lolli is a shopping portal and browser extension that consumers can use to earn Bitcoin rewards on their purchases. According to the company, shoppers earn an average of 7% back in Bitcoin (with the range going up to 30%) and the site features more than 1,000 top retailers. Moreover, to date, Lolli users have received more than $3 million in rewards — not accounting for potential gains those earnings have seen thanks to Bitcoins meteoric rise.
With the newfound funds, the platform intends to continue developments on its mobile app, create a more seamless shopping experience for users, and expand internationally.
Not only is Lolli the latest example of a crypto-centric startup garnering venture capital funds but is also an instance of FinTechs taking on celebrity and influencer investors. For example, the stock trading app Public’s recent $220 million Series D featured aforementioned YouTube star (and now Lolli investor) Philip DeFranco. Additionally, Justin Timberlake, Eli Manning, Larry Fitzgerald, and 16-year-old Charli Dameli were all participants in GoHenry’s $40 million round late last year.
In a statement about the funding round, Lolli co-founder and CEO Alex Adelman said, “We’re thrilled to be working with Seven Seven Six, Serena Ventures, and a fantastic team of investors in creating the easiest way for people to earn Bitcoin when they shop. This is an exciting time and opportunity to accelerate adoption and increase accessibility to Bitcoin.” Seven Seven Six founder Alexis Ohanian elaborated on that latter point, noting, “Lolli is leading the way for Bitcoin adoption. They have a unique chance to engage with an entirely new Bitcoin user base. As someone who has closely followed and participated in the industry, I see this as a crucial turning point to drive value and create opportunity for the mainstream.”
Overall, Lolli represents one of the most promising subspaces in the crypto market: rewards. Since platforms like Lolli, Fold, and others essentially offer “free money,” they can help bring new consumers to crypto who might otherwise not feel comfortable with investing in such assets. Therefore, it’s no surprise that the startup is seeing increased interest during this Bitcoin surge. Hopefully these funds can help them improve their already-popular portal and further accelerate their growth.