Lolli, a popular Bitcoin and cashback rewards app, has successfully raised $8 million in its Series B funding round, according to an exclusive report from TechCrunch.
Alex Adelman, the CEO and co-founder of Lolli, mentioned that this fresh infusion of capital will fuel the expansion of their rewards program across various enterprise partners. These partners include exchanges, neobanks, banks, payment firms, and web browsers.
Having accumulated over $28 million in total funding, Adelman emphasized their strategy of raising funds conservatively, focusing on efficient operations and validating their business model through sustainable growth phases.
The Series B funding was led by BITKRAFT Ventures and saw contributions from Sfermion, Prisma Ventures (associated with Ulta Beauty), Hypersphere Ventures, Rahul Pagidipati (CEO of ZebPay), 2 Punks Capital, MZ Web3 Fund, and other investors. Notably, previous backers such as Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Ventures, and influencers like Logan Paul and MrBeast also joined in.
Since its inception in 2018, Lolli has expanded its network to partner with more than 25,000 stores. The rewards program offers users Bitcoin or cashback when they shop either online or at physical outlets. Adelman has ambitious plans to scale this number to over 100,000 stores by 2025.
The app facilitates up to 30% back on purchases, with an average reward of 7% in Bitcoin or cashback. Lolli has distributed over $10 million in Bitcoin rewards, in addition to cashback. The introduction of Card Boosts last year, allowing users to add Bitcoin rewards to their debit or credit cards, notably drove growth, increasing user rewards significantly on everyday purchases.
Adelman highlighted the significant benefit for early users who earned Bitcoin rewards when the market was at a lower value. Their rewards have significantly increased in value, with Bitcoin currently at over $40,000, doubling or even increasing tenfold from initial values.
As Bitcoin continues to surge and market players anticipate further growth, Lolli is expanding its offerings. In 2024, the company plans to unveil new products, establish major partnerships, and enhance financial education to cater to its rapidly growing user base.
Adelman expressed the company’s commitment to become a comprehensive platform for users to earn money daily, leveraging cryptocurrency adoption and offering consistent opportunities to earn and learn about Bitcoin.
