Total amount raised
$28.3 Millions
Latest funding date
12/01/2023
Location
Lolli has successfully raised $8 million in a Series B funding round, with participation from 2 Punks Capital and 20 other investors. The platform offers users the opportunity to earn bitcoin rewards when shopping online, partnering with over 1,000 top brands.
Keep reading to explore the intricacies of Lolli's fundraising journey and the investors backing this innovative platform.
What Is Lolli?
Lolli, founded in March 2018 by Alex Adelman and Matt Senter, is a rewards application that allows users to earn bitcoin when shopping online. The company is headquartered in Durham, North Carolina, and operates within the apps, bitcoin, consumer, cryptocurrency, and e-commerce industries.
With a team of 11-50 employees, Lolli has partnered with over 1,000 top brands to offer bitcoin rewards to users. When users shop on one of the partner sites, Lolli receives a percentage of each sale and splits that percentage with users, sending bitcoin to their Lolli wallet.
How Much Funding Has Lolli Raised?
- Pre-Seed Round
- Amount Raised: $2.3M
- Date: November 2018
- Lead Investors: Version One Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and establish partnerships with retailers.
- Non-Equity Assistance
- Date: January 2019
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To gain strategic support and resources without diluting equity.
- Seed Round
- Amount Raised: $3M
- Date: May 2020
- Lead Investors: Pathfinder
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and scale the platform's user base.
- Seed Round
- Amount Raised: $5M
- Date: March 2021
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market penetration.
- Series A
- Amount Raised: $10M
- Date: July 2021
- Lead Investors: Acrew Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and expand partnerships with major brands.
- Series B
- Amount Raised: $8M
- Date: December 2023
- Lead Investors: BITKRAFT Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the rewards program to enterprise partners and support the next phase of growth.
Total Amount Raised: $28.3M. Current Valuation: Not publicly disclosed.
Key Investors
- BITKRAFT Ventures
- Details: BITKRAFT Ventures is a global investment platform for gaming, esports, and interactive media. They have a strong presence in the gaming industry and support innovative startups.
- Investment Focus Areas: Gaming, esports, interactive media.
- Notable Investments: Epic Games, H4X, Bit Fry Game Studios.
- Acrew Capital
- Details: Acrew Capital is a venture capital firm that invests in early-stage technology companies. They focus on building long-term partnerships with their portfolio companies.
- Investment Focus Areas: Technology, financial services, consumer products.
- Notable Investments: Chime, Exabeam, Pie Insurance.
- Pathfinder
- Details: Pathfinder is the early-stage investment arm of Founders Fund. They focus on disruptive technology companies and have a strong track record of successful investments.
- Investment Focus Areas: Technology, innovation, early-stage startups.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Version One Ventures
- Details: Version One Ventures is a venture capital firm that invests in early-stage technology companies. They focus on supporting founders with a strong vision and potential for growth.
- Investment Focus Areas: Technology, SaaS, marketplaces.
- Notable Investments: Dapper Labs, Figure, Wattpad.
- 2 Punks Capital
- Details: 2 Punks Capital is a venture capital firm focused on blockchain and cryptocurrency investments. They aim to support the growth of the decentralized economy.
- Investment Focus Areas: Blockchain, cryptocurrency, decentralized finance.
- Notable Investments: Not publicly disclosed.
What's Next for Lolli?
Lolli's future looks promising as it aims to expand its rewards program to enterprise partners, including exchanges, neobanks, banks, payment companies, and browsers. This expansion could significantly increase the number of stores where users can earn rewards, with a target of over 100,000 stores by 2025. The introduction of new products and partnerships, along with financial education initiatives, presents substantial growth opportunities.
Given the increasing adoption of cryptocurrency and the success of its recent funding rounds, Lolli is well-positioned for future fundraising opportunities. The company's focus on efficient growth and proving its business model could attract further investments, enabling it to scale its operations and explore international markets.
However, Lolli may face challenges such as maintaining efficient operations during rapid expansion, navigating the volatility of the cryptocurrency market, and ensuring user engagement. Competition from other rewards programs and regulatory hurdles could also pose obstacles. Despite these challenges, Lolli's strategic partnerships and innovative approach provide a solid foundation for continued success.
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