Lollia Bitcoin rewards and cashback app, has raised an $8 million Series B round, TechCrunch has exclusively learned.
Co-founder and CEO of the company, Alex Adelmansaid the new capital will be used to roll out Lolli’s rewards program to corporate partners such as exchanges, neobanks, banks, payment companies and browsers.
To date, Lolli has raised over $28 million in total. “Historically, we have raised the amount necessary to win,” Adelman said. “We are taking no more money than we need to support our next phase of growth, and we are very focused on operational efficiencies and demonstrating our business model.”
The Series B round was led by BITKRAFT Ventures, with participation from Sfermion, Ulta Beauty’s Prisma Ventures, Hypersphere Ventures, ZebPay CEO Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund and others. Previous investors Seven Seven Six, Founders Fund’s Pathfinder Ventures, Bain Capital Ventures, Serena Williams’ Serena Ventures, Logan Paul and MrBeast’s Night Media also invested.
Since its launch in 2018, the app has grown significantly and currently partners with over 25,000 stores. Its rewards program rewards its users with bitcoin or cash back when they make purchases online or in person at restaurants and stores. “Lolli is on track to increase the number of stores where users can shop to more than 100,000 by 2025,” Adelman said.
The app offers up to 30% back on purchases, with an average of 7% back in Bitcoin or Cashback rewards. Since its inception, Lolli has distributed more than $10 million in Bitcoin rewards, in addition to cashback rewards, Adelman said.
Last year, the company launched Card Boosts, which allows users to add Bitcoin rewards to their debit or credit cards when they make purchases. Adelman called the product a “tremendous growth engine” that has helped users earn five times more rewards on everyday purchases like coffee, gas or groceries. Since October 2023, Lolli’s active buyers have grown more than 35% year-over-year, he added.
“Many of our users know the importance of ‘earning the dip’ and have seen the benefits of earning bitcoin rewards with Lolli when the market is down,” Adelman said.
This means that users who earned rewards when bitcoin was at or below $20,000 in early 2023 saw the value of their rewards double, given that bitcoin is above $40,000 today. “Early Lolli users who earned Bitcoin when it was around $3,000 saw their rewards increase more than 10x today,” Adelman said.
As market participants anticipate a greater break with bitcoin Up more than 12% for the month, Lolli is also gearing up by creating new ways for users to earn rewards. The company plans to use market momentum to “generate more revenue for its partners and attract more large companies to offer bitcoin rewards,” Adelman said. In 2024, Lolli plans to roll out more products, “great partnerships” and financial education, he added.
“We are growing quickly, and over the coming months we will be rolling out new features and partnerships with merchants that we think our users will love,” Adelman said. “As crypto adoption continues to grow, we strive to become a holistic solution for our users to earn money every day, multiple times a day, and learn more about Bitcoin and earn money.”
