Lolli Raises $5M Pre-Series A Funding to Expand Bitcoin Rewards Platform

Lolli Raises $5M Pre-Series A Funding to Expand Bitcoin Rewards Platform

Lolli, a popular Bitcoin rewards platform, has raised $5 million in a pre-Series A funding round to accelerate its growth and expand globally. This round attracted a diverse group of investors, including venture capital firms, social media influencers, and high-profile figures like Serena Williams and Alexis Ohanian.

High-Profile Investors Back Lolli

The funding round included participation from:

• Seven Seven Six: Venture capital firm co-founded by Alexis Ohanian, Reddit executive chairman.
• Serena Ventures: Led by 23-time grand slam winner Serena Williams.
• Night Media: A talent management company.
• Social Media Influencers: Notable names like Casey Neistat, Noel Miller, Cody Ko, and Phil DeFranco.

Serena Williams’ Statement

“I’m excited to announce my investment in Lolli, a company on a mission to make Bitcoin more accessible. Earning and owning Bitcoin is a step towards financial inclusivity for all people,” Williams said in a press release.

Lolli’s Vision

Alex Adelman, CEO and Co-founder of Lolli, expressed enthusiasm for the support, stating, “We’re thrilled to be working with Seven Seven Six, Serena Ventures, and a fantastic team of investors to create the easiest way for people to earn Bitcoin when they shop. This is an exciting opportunity to accelerate adoption and increase accessibility to Bitcoin.”

Lolli’s Funding Journey

With the $5 million pre-Series A round, Lolli has now raised a total of $10.25 million. This includes a $3 million funding round in May 2020, led by actor Ashton Kutcher and YouTuber Michelle Phan.

Funding Breakdown

• Pre-Series A (2021): $5 million.
• Previous Rounds: $5.25 million raised in two rounds since the company’s founding in 2018.

Expanding Lolli’s Bitcoin Rewards Ecosystem

Lolli plans to use the new capital to:

1. Develop a Mobile App: Enhance accessibility and usability for customers.
2. Global Expansion: Broaden its reach beyond the U.S. to tap into international markets.

How Lolli Works

Lolli enables users to earn Bitcoin rewards when shopping online.

Key Features

• Merchant Partnerships: Collaborates with over 1,000 retailers, including major brands like Priceline and Macy’s.
• Cashback in Bitcoin: Offers an average of 7% Bitcoin rewards, with rates ranging between 2% and 30%.
• Chrome Extension: Users activate cashback rewards by installing a browser extension.

Inspired by Honey

Lolli’s business model mirrors that of Honey, a mainstream rewards app acquired by PayPal, but focuses on Bitcoin cashback rather than traditional discounts.

Advantages for Merchants and Consumers

Lolli supports Bitcoin transactions to reduce payment processing fees, typically ranging from 1-5% for traditional payment providers.

Cost-Effectiveness

• For Merchants: Bitcoin payments can be cheaper than card-based transactions.
• For Remittances: Bitcoin’s average transfer fee of $15 is often more affordable than wire transfer costs for cross-border payments.

Bridge Between Retail and Crypto

Lolli aims to connect retail merchants with the cryptocurrency ecosystem, creating a seamless way to integrate Bitcoin rewards into everyday shopping.

Lolli’s Potential Impact

With its user-friendly approach and growing adoption, Lolli is poised to become a significant player in the intersection of retail and cryptocurrency. The platform:

• Encourages Bitcoin adoption among mainstream consumers.
• Provides merchants with an alternative payment model.
• Enhances financial inclusivity by making Bitcoin ownership accessible to a broader audience.

Conclusion

Lolli’s $5 million pre-Series A funding round highlights the increasing interest in cryptocurrency-powered solutions. By offering Bitcoin rewards for everyday purchases, the platform bridges the gap between retail and the crypto world. With backing from influential investors and plans for global expansion, Lolli is well-positioned to drive mainstream Bitcoin adoption.

To learn more about the innovative startups shaping the future of the crypto industry, explore our article on latest news, where we delve into the most promising ventures and their potential to disrupt traditional industries.