With a fresh infusion of $8 million in Series B funding, Lolli aims to be well positioned to continue improving upon and growing the cryptocurrency rewards sector.
Lolli Secures $8 Million for Crypto Rewards Market Expansion
Lolli, a prominent player in the bitcoin and cashback rewards arena, today announced the successful closure of an $8 million Series B funding round. The round was led by Bitkraft Ventures, with notable participation from a mix of new and returning investors.
This latest funding round saw contributions from a diverse group of new investors, including Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and others. The raise also secured renewed commitments from previous backers such as Alexis Ohanian’s Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, Mrbeast’s Night Media, and Animal Capital.
Alex Adelman, CEO and Founder of Lolli, expressed excitement about the new phase of growth for the company, noting: “As bitcoin’s price continues to surge and Lolli users’ rewards increase in value, we look forward to leveraging this period of growth and excitement in the ecosystem to bring bitcoin to more people through our gamified earning experiences.”
Carlos Pereira, Partner at Bitkraft Ventures, emphasized his firm’s belief in Lolli’s mission: “We look forward to working with Lolli to help drive its continued growth as a leading onramp into crypto. With its engaging user experience, extensive merchant partnerships, and industry-leading technology, Lolli is uniquely positioned to transform how people earn, own, and understand digital assets.”
Alexis Ohanian, Founder of Seven Seven Six, also reiterated his support, highlighting Lolli’s role in driving mainstream bitcoin adoption, particularly for first-time bitcoin owners. He noted the potential opportunities ahead for Lolli as a tool for people to understand and own sound money.
The influx of funds is set to fuel Lolli’s expansion plans, including broadening its patented multi-currency rewards offering to enterprise partners like neobanks, exchanges, payment companies, search engines, and card networks. Lolli’s enterprise partners stand to gain access to its rewards network of retailers and Fortune 500 companies, enabling them to offer their own branded rewards experiences using Lolli’s exclusive offerings.
Additionally, the funding will enhance Lolli’s Card Boost program, launched in 2022, which allows shoppers to link any credit or debit card to earn bitcoin and cashback rewards in-store.
Since its inception in 2018, Lolli has made strides in the rewards space, partnering with over 25,000 stores including Ulta Beauty, Groupon, and Booking.com. Its platform has rewarded users with more than $10 million in bitcoin rewards, alongside cashback benefits.
Do you think crypto rewards systems are important to grow access to bitcoin and other cryptocurrencies? Share your thoughts and opinions about this subject in the comments section below.
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