Quick take:
- Lolli will use the fresh capital to roll out its rewards program to partners including exchanges, neobanks, banks, payment companies and browsers.
- The Series B round brings the total raised to date to $28 million.
- Lolli rewards users with Bitcoin or cashback when they shop online or in person at restaurants and stores.
Bitcoin and cashback rewards application Lolli has secured $8 million in a Series B round led by BITKRAFT Ventures. Lolli co-founder and CEO, Alex Adelman told TechCrunch that his company will use the funds to roll out its rewards program to enterprise partners including exchanges, neobanks, banks, payment companies and browsers.
The round also attracted participation from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, ZebPay’s CEO Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, while Previous investors joining the fundraising include Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Logan Paul, and MrBeast’s Night Media.
Lolli’s latest fundraising brings the total raised to date to $28 million, with Adelman emphasising that his company only raises the funds it needs to win. “We don’t take more money than we need to support our next phase of growth, and are very focused on operating efficiently and proving out our business model,” he said.
Launched in 2018, Lolli has grown over the years to partner with over 25,000 stores according to information on its website. It is now targeting to be available in over 100,000 by 2025, Adelman said. Users of the app receive Bitcoin or cashback when they shop online or in person in stores and restaurants.
Some of the supported stores as of this writing include Groupon, Chewy, Priceline, eBay, Staples, Lowe’s, Sephora, Microsoft, MacDonald’s and Starbucks among others.
Lolli users can receive up to 30% cashback on purchases, with the app currently averaging 7%. According to Adelman, the app has already given over $10 million in Bitcoin and cashback rewards.
One of its most recent product launches is Card Boosts, which allows users to add Bitcoin rewards to their debit and credit cards when they buy from a supported store.
According to Adelman, the product has been a “tremendous growth driver”. Users can earn five times the rewards daily paying for products like coffee, gas or groceries, he said.
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