Today: Jun 14, 2024

Lolli bags $8M Series B, turbocharges bitcoin rewards and adoption.

6 months ago
  • Bitcoin and cashback rewards company, Lolli, has raised $8 million in a Series B funding round, with the aim of accelerating crypto adoption.
  • The funding round was led by BITKRAFT Ventures and included contributions from Sfermion, Prisma Ventures (Ulta Beauty), Hypersphere Ventures, and Newman Capital among many others.
  • Lolli plans to use the funds to bring its patented multi-currency rewards offering to enterprise partners such as neobanks, exchanges, payment companies, search engines, and card networks.
  • The company’s Card Boost program, which allows shoppers to earn Bitcoin and cashback rewards with linked cards, will also benefit from development efforts funded by the investment.

Lolli, a startup offering Bitcoin and cashback rewards, has completed an $8 million Series B funding round. The round was led by BITKRAFT Ventures and counted prominent investors such as Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, Newman Capital, 2 Punks Capital, and MZ Web3 Fund among the contributors. In addition to these, the raise saw return commitments from earlier investors like Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Ventures, and celebrity entrepreneur Michelle Phan.

Founded in 2018, Lolli offers shoppers Bitcoin or cashback rewards on their everyday purchases at over 25,000 stores, including big names like Ulta Beauty, Groupon, and Booking.com. Shoppers can earn these rewards, which reportedly average at about 7%, through the company’s mobile app, website, or browser extension. The firm also boasts a program called Card Boost that lets shoppers link a credit or debit card to earn Bitcoin and cashback rewards in-store, which was launched in 2022.

The funds raised in this round will contribute to the expansion of the company and expedite its mission to accelerate crypto adoption. As part of its expansion efforts, Lolli will introduce its patented multi-currency rewards offering to enterprise partners spanning industries from neobanks and exchanges to payment companies, search engines, and card networks. These partners will have access to Lolli’s rewards network of retailers and Fortune 500 companies, enabling them to power their own branded rewards experiences.

In addition to enterprise expansion, investment from this round will also go towards the further development of Lolli’s Card Boost program. With these development efforts and funding, Lolli aims to transform how people earn, own, and understand digital assets, increasing accessibility and ease of use for those new to the world of cryptocurrency.