Bitcoin rewards provider Lolli raises $5 million in new funding

Quick Take

  • Bitcoin rewards provider Lolli has raised $5 million in pre-Series A funding.
  • Alexis Ohanian’s Seven Seven Six led the round, with participation from and Serena Williams’ Serena Ventures and several others.

Bitcoin rewards provider Lolli has raised $5 million in a pre-Series A funding round.

The round was led by Seven Seven Six — the venture capital fund founded by Reddit co-founder Alexis Ohanian, with participation from Serena Ventures — founded by Ohanian's wife and professional tennis player Serena Williams, and multimedia talent management company Night Media.

Several social media influencers, including Casey Neistat, Cody Ko, Noel Miller, and Phil Defranco, also participated in the round.

With fresh capital at hand, Lolli plans to continue developing its mobile app and expand internationally. The firm hasn't yet shortlisted any markets but is currently exploring where the most demand is, Lolli co-founder and CEO Alex Adelman told The Block.

To that end, Lolli has launched a waitlist for international users to know where it should expand next.

Lolli was launched in 2018 and gives its users free bitcoin when they shop at over 1,000 retailers, including Kroger, Microsoft, and Since launching, Adelman said the firm has provided over $3 million in merchant-funded bitcoin rewards. The rewards range from an average of 7% to up to 30%.

Lolli's merchant partners pay it a cut of the sales it refers to them, and out of that cut, Lolli gives "the lion's share" to its users, co-founder and CTO Matt Senter told The Block.

Senter did not comment on a specific percentage of the share and whether the firm is profitable yet. It is also unclear how many users Lolli has, but Senter said most users are new to bitcoin, meaning they got their first satoshis through Lolli.

Over the long-term, Lolli also plans to give its users the ability to trade bitcoin, earn interest on it, and eventually pay its merchant partners with the cryptocurrency, Adelman told The Block.

The pre-Series A round brings Lolli's total funding to date to $10.25 million. The firm has previously raised $5.25 million in two rounds.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post

Layer-1 Platforms: A Framework for Comparison

The Block Research was commissioned by Algorand to create Layer-1 Platforms: A Framework for comparison, which provides a “look under the hood” at seven platforms: Algorand, Avalanche, Binance Smart Chain, Cosmos, Ethereum/Ethereum 2.0, Polkadot, and Solana. We assess their technical design, related ecosystem data, and qualitative factors such as key ecosystem members to get an understanding of how they differ. Having done this analysis, we draw some insights for what the future of the broader smart contract landscape could look like for years to come. 
Read Full Story
Aug 11, 2021, 5:18PM UTC