Lolli said that this funding will go towards expanding in the global market, hiring, new partnerships, and further development of the recently launched mobile app.
Crypto firm Lolli, which rewards users in free Bitcoins against shopping, has raised $10 million in a Series A funding round led by Acrew Capital. Other players joining this funding round were Up North Management, Banana Capital, and Animal Capital.
Besides, it has investments from influencers and entrepreneurs like Logan Paul, Chantel Jeffries, Baron Davis and others. The crypto fundraising market is catching up with the heat as the industry continues to grow. Interestingly, the latest funding comes after Lolli raised $5 million in pre-Series A round just four months earlier.
With Series A, Lolli’s total funding to date has gone to $20.25 million. Previously, the firm raised $10.25 million in three separate rounds. With the latest funding round, Acrew Capital’s co-founder and managing partner Lauren Kolodny joins the board of directors at Lolli.
Lolli co-founder and CEO Alex Adelman said that the funds shall go towards the company’s expansion. In this regard, Lolli might likely go for another funding round next year, he added. The CEO added:
We’re thrilled by the support of so many incredible investors and fellow entrepreneurs who believe in our mission of making bitcoin more accessible for all. We believe it’s imperative to align with top creators to both educate, distribute, and amplify the power of bitcoin to the masses.”
Capitalizing on the Booming Bitcoin Market
The Lolli app allows users to shop at over 1000 retailers including prominent names like Microsoft, Kroger, and Booking.com. It then rewards the users in Bitcoins ranging anywhere between 7-30% of the shopping amount.
The business model works something like this! Lolli takes a cut from the sale for referring the merchants. Out of this cut, Lolli gives “the lion’s share” to its users. To date, Lolli has disbursed over $3.5 million in rewards to users.
As per CEO Adelman, Lolli currently serves more than 300 million users worldwide. “We’re on a mission to bring bitcoin to as many people as possible,” he said. It is clear that Lolli is looking to capitalize on the booming market of cryptocurrencies.
Adelman also noted that it will double Lolli’s headcount by the next year. He further added that “some really big partnerships are coming up over the next month” with mobile native platforms. This will include companies operating in different sectors like ride-sharing, gas stations, food delivery, grocery, and quick-service restaurants.
“We are growing significantly on mobile. So we’re putting a lot of product efforts and growth efforts around mobile,” he said. Initially, a web-only platform, Lolli launched its iOS mobile app just last month. The CEO said that Lolli’s Android app shall be coming very soon.
Commenting on the latest funding, Acrew Capital co-founder Lauren Kolodny said:
“Lolli is democratizing access to bitcoin in a way that is truly revolutionary. We’re excited to support the company in its mission to make bitcoin as widely accessible as possible – with rewards as its initial seamless path to consumer adoption. This low barrier and low risk point of entry makes bitcoin adoption much more accessible to a broader demographic of people.”
As part of its long-term plan, Lolli is planning to give its users the ability to trade BTC and earn interest on it.
next