Lolli Raises $5 Million From Reddit Founder’s VC Fund to Accelerate Bitcoin Adoption
Bitcoin rewards company Lolli has raised $5 million in the latest funding round led by Seven Seven Six, the venture capital fund founded by Alexis Ohanian, who also is the founder of Reddit.
“This is an exciting time and opportunity to accelerate adoption and increase accessibility to bitcoin,” said Alex Adelman, CEO, and Co-founder of Lolli.
This funding will be used towards the development of the mobile app, facilitating a seamless shopping experience for a growing user base, and Lolli’s international expansion.
The company raised $3 million in its Seed Round led by PathFinder and investors like Ashton Kutcher and Guy Oseary’s Sound Ventures, beauty mogul Michelle Phan, Digital Currency Group, and Bain Capital.
Founded in 2018, Lolli offers up to 30% and an average of 7% Bitcoin-back rewards at over 100 retailers. To date, its users have earned more than $3 million in BTC rewards.
“Lolli first launched on Product Hunt in 2018 & won a Golden Kitty + earned #5 Product of the Day,” tweeted Product Hunt, a website to share and discover new products.
In its official announcement, Seren Williams, on behalf of the investment from Serena Ventures, called this a “step towards financial inclusivity for all people.” Ohanian, who was also an early investor in Coinbase said,
“Lolli is leading the way for bitcoin adoption. They have a unique chance to engage with an entirely new Bitcoin user base. As someone who has closely followed and participated in the industry, I see this as a crucial turning point to drive value and create opportunity for the mainstream.”