Crypto firm Lolli, which rewards users in free Bitcoins against shopping, has raised $10 million in Series A funding round. The funding was led by Acrew Capital. Other players joining this funding round were Up North Management, Banana Capital, and Animal Capital. The funding round includes investments from influencers and entrepreneurs such as Logan Paul, Chantel Jeffries, Lauren Riihimaki of LaurDIY, Kenny Beecham, and Baron Davis.
Lolli’s previous backers including Seven Seven Six, 3K VC, Gabriel Leydon and Forerunner Ventures also recommitted to the company’s latest fundraiser.
The company said that the financing would go towards expansion and developing the recently launched mobile app.
Alex Adelman, Lolli’s co-founder, and CEO, said his company’s mission is to make Bitcoin “more accessible for all”. He added: “We believe it’s imperative to align with top creators to both educate, distribute and amplify the power of Bitcoin to the masses.”
Commenting on the latest funding, Acrew Capital co-founder Lauren Kolodny said:
“Lolli is democratizing access to bitcoin in a way that is truly revolutionary. We’re excited to support the company in its mission to make bitcoin as widely accessible as possible – with rewards as its initial seamless path to consumer adoption. This low barrier and low-risk point of entry make bitcoin adoption much more accessible to a broader demographic of people.”
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Lolli’s mobile app was launched a few weeks ago. The app currently offers an average of 7% back in bitcoin rewards. Users have earned more than $3.5 million in bitcoin rewards to date, as said by Adelman in a statement.
