Lolli, the crypto firm renowned for providing free Bitcoin rewards for shopping, has successfully raised $8 million in a recent Series B funding round. Led by Bitkraft Ventures, this investment marks a strategic move for Lolli as it continues to innovate and expand its unique Bitcoin rewards program.
About the Company
Founded in 2018, Lolli has rapidly become a key player in the crypto space by offering bitcoin or cashback rewards on everyday purchases. The company’s commitment to providing users with a seamless and rewarding experience has resulted in over $10 million in Bitcoin rewards earned to date. With a growing user base that witnessed a remarkable 35% year-over-year increase as of October, Lolli has established itself as a leading Bitcoin rewards provider.
About the Funding
The Series B funding round, spearheaded by Bitkraft Ventures, saw participation from notable investors such as Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, ZebPay’s Rahul Pagidipati, and existing backers including Alexis Ohanian’s Seven Seven Six, Pathfinder Ventures, Serena Ventures, and Logan Paul.
Despite being slightly lower than the previous Series A round, which secured $10 million, Lolli’s founder and CEO, Alex Adelman, emphasized the intentional approach to secure the optimal amount needed for the next phase of growth without diluting existing investments.
Lolli’s Growth Plans
Lolli’s user-centric approach has propelled its growth, with users experiencing a record-breaking holiday season and consistent year-over-year expansion. Looking ahead, the company aims to collaborate with enterprises, building on successful partnerships with merchants and companies.
Lolli plans to join forces with exchanges, neobanks, banks, payment companies, and browsers to enhance sales, revenue, and engagement using its patented rewards technology.
International Expansion and Innovations
Having outlined its international expansion plans since 2021, Lolli intends to explore new markets in the coming year, aligning with the right conditions for global Bitcoin rewards adoption. Additionally, Lolli introduced an in-store rewards program named Card Boosts last year, which has already integrated with 25,000 stores and is on track to reach over 100,000 by 2025. This expansion underscores Lolli’s commitment to providing users with diverse and accessible ways to earn Bitcoin rewards.
Team Expansion and Future Outlook
Currently boasting a team of 20, Lolli plans strategic expansion across various functions in the new year. The company remains dedicated to its core focus on Bitcoin rewards but is open to exploring other cryptocurrencies if user demand dictates.
As part of the Series B deal, Carlos Pereira from Bitkraft Ventures joins Lolli’s board, bringing expertise in gaming and immersive technology that is set to enhance Lolli’s approach to bringing Bitcoin to more users through gamified earning experiences.
Lolli‘s recent Series B funding not only signifies a significant milestone for the company but also sets the stage for continued innovation and growth in the Bitcoin rewards space. With strategic partnerships, international expansion plans, and a focus on user engagement, Lolli is well-positioned to further solidify its presence as a leading player in the crypto rewards landscape.
How much was Lolli’s Series B funding, and who led the round?
Lolli secured $8 million in Series B funding, with Bitkraft Ventures leading the round.
What sets Lolli apart from other crypto firms?
Lolli distinguishes itself by offering free Bitcoin rewards for everyday purchases, providing users with a unique and accessible way to enter the world of cryptocurrency.
What are Lolli’s plans for the future, particularly in terms of international expansion?
Lolli plans to explore international markets in the coming year, focusing on global Bitcoin rewards adoption when the market conditions are favorable.