Bitcoin and cashback rewards startup Lolli closes $8 million Series B to accelerate crypto adoption
Lolli, a Bitcoin and cashback rewards company, has announced the close of an $8 million Series B round led by BITKRAFT Ventures, with participation from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, Newman Capital, 2 Punks Capital, MZ Web3 Fund, Digital Currency Group, Company Ventures, The Spartan Group, and Wagmi Ventures.
The raise includes a return commitment from earlier investors including Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, MrBeast’s Night Media, and Animal Capital.
CEO and Founder at Lolli, Alex Adelman, says: “We are thrilled to announce this fundraise as we enter this next phase of growth at Lolli.”
“As Bitcoin’s price continues to surge and our users’ rewards go up in value, we look forward to using this ongoing period of growth and excitement in the ecosystem to bring Bitcoin to even more people through gamified earning experiences.”
“We remain committed to building an industry leading product and the best way for people to learn about and own crypto with Lolli.”
Partner at BITKRAFT Ventures, Carlos Pereira, says: “We are firm believers in Lolli’s mission to leverage financial gamification and rewards to accelerate crypto adoption.”
“We look forward to working with Lolli to help drive Lolli’s 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.”
Investor and beauty entrepreneur, Michelle Phan, comments: “Starting your journey of learning about and owning Bitcoin can be intimidating. That’s why Lolli’s solution is so revolutionary as an entry point into Bitcoin.”
“With Lolli, shoppers simply make the purchases they were going to make anyway to earn rewards. You can get your first piece of a Bitcoin just by buying makeup, booking travel, or getting coffee.”
“As an early investor in Lolli, I look forward to continuing to see the team execute on its mission to bring more people into Bitcoin for the first time and gain a better understanding of money.”
The fundraise will contribute to the expansion of the company, which will include bringing its patented multi-currency rewards offering to enterprise partners including neobanks, exchanges, payment companies, search engines, and card networks.
Enterprise partners will gain access to its rewards network of retailers and Fortune 500 companies, with the ability to power their own branded rewards experiences with Lolli’s exclusive rewards offering.
The cash will also contribute to the development of Lolli’s Card Boost programme, which launched in 2022 and allows shoppers to link a credit or debit card to earn Bitcoin and cashback rewards in-store.
Founded in 2018, Lolli gives shoppers Citcoin or cashback rewards on all their everyday purchases at 25,000+ stores including Ulta Beauty, Groupon, and Booking.com.
Shoppers can use the firm’s mobile app, website, or browser extension to earn up to 30% back, with an average of 7% back.
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