The freshly raised capital will go toward expanding Lolli’s BTC online shopping rewards internationally.
Bitcoin rewards app, Lolli, has announced the close of its pre-series A fundraising round after raising $5 million.
The round saw investment from a diverse array of participants, including Seven Seven Six — the venture capital firm co-founded by Reddit executive chairman Alexis Ohanian — Serena Williams’ Serena Ventures, management company Night Media, and various social media influencers.
The funds will be allocated towards developing Lolli’s mobile application, scaling to support a growing user base, and international expansion.
Launched in 2018, Lolli has teamed up with more than 1,000 merchants including Priceline and Macy’s to provide their customers with the opportunity to receive rewards in the form of BTC when shopping online.
Ohanian described Lolli’s business model as facilitating “a unique chance to engage with an entirely new Bitcoin user base” and drive mainstream adoption:
“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.”
Serena Williams emphasized her excitement for Lolli, characterizing the platform as “leading the way for Bitcoin adoption:
“Earning and owning Bitcoin is a step towards financial inclusivity for all people.”
Alex Adelman, Lolli’s CEO and co-founder, stated: “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.”
Lolli’s latest raise follows a $3 million seed round that was led by PathFinder and saw participation from Digital Currency Group, and Bain Capital in May 2020.
In December, crypto lending platform BlockFi announced plans to team up with Visa to offer a credit card that rewards users with BTC.