Bitcoin rewards app, Lolli, has announced the close of its pre-series A fundraising round after raising $5 million. The raised funds will be used in developing and enhancing Lolli’s mobile application, hence internationally expanding it further to support a growing user base.
The investment round saw a number of participants, including Seven Seven Six, the venture capital firm co-founded by Reddit executive chairman Alexis Ohanian, Serena Williams’ Serena Ventures, a firm that ignites a change by investing in opportunities that make the everyday lives of everyday people better, multimedia talent management company Night Media, and other celebrated individuals.
Launched in 2018, Lolli has a group of 1,000 merchants including Priceline and Macy’s in order offer the customers with rewards in BTC while they opt for online shopping.
We’re thrilled to help fuel mainstream adoption of bitcoin by investing in Lolli. Lolli is revolutionizing the way people get into bitcoin by bridging the gap between everyday shoppers and investors. We’re excited to further this powerful movement with Lolli and believe creators can be an incredible conduit to consumers.
On describing the facilitation process of Lolli’s business model, and setting its foot towards mainstream adoption, founder of Seven Seven Six Alexis Ohanian 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.
Serena Williams described the platform as paving the way for adopting the crytocurrency in the mainstream society. Speaking on behalf of Serena Ventures, she said:
I’m excited to announce my investment in Lolli, a company on a mission to make bitcoin more accessible. Earning and owning bitcoin is a step towards financial inclusivity for all people,
Alex Adelman, Lolli’s CEO and co-founder, stated:
We’re thrilled to be working with Seven Seven Six, Serena Ventures, and a fantastic team of investors in creating the easiest way for people to earn Bitcoin when they shop. This is an exciting time and opportunity to accelerate adoption and increase accessibility to bitcoin.”\
Last year, Lolli raised $3 million in a seed round that was led by PathFinder and saw participation from Digital Currency Group, and Bain Capital in May 2020.