Cryptocurrency Startup Lolli Raises $8 Million in Funding

Cryptocurrency startup Lolli has secured $8 million in funding, marking a significant milestone in its growth journey. The company, known for its rewards and cashback program in Bitcoin, attracted investments from various sources.

Lolli's co-founder and CEO, Alex Adelman, revealed in an interview with TechCrunch that the funds would be used to expand the rewards program among corporate partners. These partners include exchanges, non-banks, traditional financial institutions, payment companies, and browsers.

To date, Lolli has amassed a total of over $28 million in investments, which Adelman believes is sufficient to bring their ideas and final product to fruition. He emphasized their focus on efficiency and validating their business model, saying, "We are not raising more money than we need to support the next stage of growth. Right now, we are concentrating on running efficiently and confirming our business model."

BITKRAFT Ventures led the Series B funding round, with participation from Sfermion, Ulta Beauty's Prisma Ventures, Hypersphere Ventures, ZebPay's CEO Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and others. Previous investors include Seven Seven Six, Pathfinder Ventures from Founders Fund, Bain Capital Ventures, Serena Williams' Serena Ventures, Logan Paul, and Night Media's MrBeast.

Since its launch in 2018, Lolli has significantly scaled its operations, partnering with over 25,000 stores. The rewards program offers users cashback and Bitcoin bonuses for online and in-store purchases. Adelman stated that Lolli aims to increase the number of partners where users can make purchases to over 100,000 by 2025.

The app provides users with up to 30% cashback on their spending, with an average cashback rate of 7%. Adelman noted that Lolli has already distributed over $10 million in Bitcoin rewards to consumers. This achievement underscores Lolli's position as a major player in the cryptocurrency rewards space.