Lolli, the bitcoin rewards app, has announced that it has completed its preliminary A round after raising $5 million.
Several investors participated in the round, including Seven Seven Six, a venture capital firm co-founded by Reddit executive chairman Alexis Ohanian, Serena Williams’ Serena Ventures, the management company of Night Media, and several social media influencers.
The funds will be used to develop the Lolly mobile application, adapt it to a growing number of users and expand it internationally.
Launched in 2018, Lolli has partnered with over 1,000 merchants, including Priceline and Macy’s, to offer customers the ability to earn BTC rewards when they shop online.
Ohanian described Lolli’s business model as a unique way to connect with a whole new group of bitcoin users and drive widespread adoption:
As someone who closely follows and participates in the industry, I see this as a breakthrough in creating value and opportunity for the general public.
Serena Williams highlighted her enthusiasm for Lolly, describing the platform as a pathfinder for bitcoin adoption:
Earning and owning Bitcoins is a step towards financial inclusion for all.
Alex Adelman, CEO and co-founder of Lolly, said: We’re excited to partner with Seven Seven Six, Serena Ventures and an amazing team of investors to create the easiest way for people to earn bitcoins when they shop. This is an exciting time and an opportunity to accelerate the adoption and availability of Bitcoin.
Lolly’s latest move follows a $3 million funding round led by PathFinder with participation from Digital Currency Group and Bain Capital in May 2020.
In December, cryptocurrency platform BlockFi announced plans to partner with Visa to offer a credit card that rewards users with BTC.