Lolli, a leading Bitcoin rewards provider, has raised $5 million in a pre-Series A funding round. The round saw investment from a distinct array of participants. It involves Seven Seven Six; the venture capital firm co-founded by Reddit executive chairman Alexis Ohanian, Serena Williams’ Serena Ventures, Night Media, and many social media influencers. Several social media influencers involved Noel Miller, Casey Neistat, Cody Ko, and Phil Defranco.
The 23-time grand slam winner Serena Williams elucidated in the press release, “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.” Moreover, Alex Adelman, CEO and Co-founder of Lolli 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 Total Funding Reaches $10.25 Million
With new capital at hand, Lolli intends to proceed developing its mobile app and expand globally. Lolli achieved its pre-Series A investment of $5 million. It’s the firm’s second funding in less than a year following a $3 million round in May 2020 directed by actor Ashton Kutcher and Youtuber Michelle Phan. The pre-Series A round brings Lolli’s total funding to date to $10.25 million. The firm has earlier raised $5.25 million in two rounds.
Established in 2018, Lolli has collaborated with over 1000 merchants involving Priceline and Macy’s to offer their consumers the opportunity to gain rewards in the form of Bitcoin when shopping online. Lolli supports Bitcoin payments to decrease the cost of payments for merchants, who contrarily would have to repay 1-5% to card fellowships and other payment providers. Bitcoin transactions are sometimes unfeasible owing to the high transfer fee. Recently, the average cost for transferring a Bitcoin transaction is $15.
Nevertheless, concerning global remittances and payments, Bitcoin’s fee is relatively more affordable than wire transfer costs. Lolli provides an average of 7% cashback, varying between 2-30% for just initiating a chrome extension. It’s business model takes inspiration from mainstream rewards app Honey, acquired by PayPal. Furthermore, Lolli has the potential to bridge retail merchants and payment providers.
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