Bitcoin rewards startup Lolli raises $3 million in new funding

Bitcoin • May 11, 2020, 9:33AM EDT
The Block

Bitcoin rewards app maker Lolli has raised $3 million in a new funding round.

The Seed II round was led by Founders Fund's early-stage investment vehicle, Pathfinder, with participation from Michelle Phan, Ashton Kutcher's Sound Ventures, and Bain Capital Ventures, among others.

Lolli plans to utilize the fresh capital to launch its mobile app this summer and expand services internationally this year.

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Launched in 2018, Lolli rewards its users with BTC when they shop at its partner merchants. These merchants pay Lolli commission, and then Lolli shares this commission with its users in the form of bitcoin.

Lolli said it has given "hundreds of thousands of dollars" back in bitcoins to its users since launching the service.

"The moment I learned about Lolli, I knew this was the right platform that will help make bitcoin accessible to all, and I needed to invest in it,” Phan said in a statement.

Today's round brings Lolli's total funding raised to date to around $5.25 million. The firm raised $2.25 million in November 2018.

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