Friday, 15 December 2023
by Rose White
Lolli, a leading bitcoin and cashback rewards platform, has announced the successful closure of an $8 million Series B funding round today, according to a press release sent to Bitcoin Magazine. The investment was led by BITKRAFT Ventures, alongside notable contributions from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and several others.
“We are thrilled to announce this fundraise as we enter this next phase of growth at Lolli,” said Alex Adelman, the CEO and Founder of Lolli. “As bitcoin’s price continues to surge and Lolli users’ rewards go up in value, we look forward to using this ongoing period of growth and excitement in the ecosystem to bring bitcoin to even more people through gamified earning experiences. We remain committed to building an industry-leading product and the best way for people to learn about and own crypto with Lolli.”
The funding round also saw returning commitments from earlier investors, including Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, MrBeast’s Night Media, and Animal Capital.
“At BITKRAFT, we are firm believers in Lolli’s mission to leverage financial gamification and rewards to accelerate crypto adoption,” stated BITKRAFT Ventures’ Partner, Carlos Pereira. “We look forward to working with Lolli to help drive Lolli’s continued growth as a leading onramp into crypto. With its engaging user experience, extensive merchant partnerships, and industry-leading technology, Lolli is uniquely positioned to transform how people earn, own, and understand digital assets.”
This funding will further fuel Lolli’s expansion plans, notably the introduction of its patented multi-currency rewards system to enterprise partners like neobanks, exchanges, payment companies, search engines, and card networks. Lolli aims to extend its rewards offering to enterprise partners, allowing them to craft personalized branded rewards experiences for their users.
Lolli, established in 2018, has facilitated bitcoin and cashback rewards for everyday purchases at over 25,000 top retailers. Users can access these rewards through the Lolli mobile app, website, or browser extension, earning up to 30% back, with an average of 7% back, according to the release. To date, Lolli users have also amassed over $10 million in bitcoin rewards.