Lolli Raises $8 Million in Series B Funding
Lolli, a crypto firm that offers free bitcoin rewards for shopping, has successfully raised $8 million in a Series B funding round. Bitkraft Ventures led the round, with several other investors participating, including Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, ZebPay’s Rahul Pagidipati, and existing investors such as Seven Seven Six, Pathfinder Ventures, Bain Capital Ventures, Serena Ventures, and Logan Paul.
This funding round comes after Lolli’s Series A round two and a half years ago. Although the amount raised is lower than the previous round’s $10 million, Lolli founder and CEO Alex Adelman stated that they intentionally raised just enough to reach their next growth phase without diluting their existing investors and team.
Lolli’s Growth Plans
Lolli was founded in 2018 and provides shoppers with bitcoin or cashback rewards on everyday purchases. The platform has already rewarded its users with over $10 million in bitcoin rewards. To further expand its user base and bring more people into the world of crypto, Lolli plans to collaborate with enterprises. They aim to work closely with exchanges, neobanks, banks, payment companies, and browsers to drive increased sales and engagement using their patented rewards technology.
In addition to expanding its user base, Lolli has plans for international expansion in the future. However, they will explore global markets for bitcoin rewards adoption when the timing is right.
Lolli Card Boosts
As part of its offerings, Lolli launched an in-store rewards program called Card Boosts last year. Currently available at 25,000 stores, Lolli aims to expand this number to over 100,000 by 2025. Despite remaining focused on bitcoin rewards, Lolli is open to exploring other cryptocurrencies if there is significant user demand.
Hot Take: Lolli Raises $8 Million in Series B Funding for Bitcoin Rewards Platform
Lolli, the crypto firm known for providing free bitcoin rewards for shopping, has successfully raised $8 million in a Series B funding round. Led by Bitkraft Ventures, this funding will support Lolli’s growth plans, including partnerships with enterprises and international expansion. With over $10 million in bitcoin rewards already distributed to users, Lolli continues to see significant growth. The platform’s in-store rewards program, Card Boosts, is also expanding rapidly. As the company moves forward, it remains committed to its focus on bitcoin rewards while remaining open to other cryptocurrencies based on user demand.
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