Total amount raised
$28.3 Million
Latest funding date
12/01/2023
Location
Lolli has successfully raised funding over seven rounds, with the latest being a Series B round. The company is backed by 51 investors, including notable names like Night Ventures and Serena Ventures.
Keep reading to explore the intricacies of Lolli's fundraising journey and the investors backing this innovative rewards platform.
What Is Lolli?
Lolli is a rewards app that allows users to earn bitcoin when shopping online. The company operates in the industries of Apps, Bitcoin, Consumer, Cryptocurrency, and E-Commerce. It is located in Durham, North Carolina, United States, and has an employee count of 11-50.
Founded by a team whose names are not explicitly mentioned, Lolli has been acquired by Thesis. The company has raised funding over seven rounds and is backed by 51 investors, including Night Ventures and Serena Ventures. Additionally, Lolli has acquired another company named Slice.
How Much Funding Has Lolli Raised?
- Series B
- Amount Raised: USD 8,000,000
- Date: December 2023
- Lead Investors: BITKRAFT Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand Lolli's rewards program to enterprise partners and support the next phase of growth.
- Series A
- Amount Raised: USD 10,000,000
- Date: July 2021
- Lead Investors: Acrew Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's initial growth and development phases.
- Seed
- Amount Raised: USD 5,000,000
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the product and expand market reach.
- Seed
- Amount Raised: USD 3,000,000
- Date: May 2020
- Lead Investors: Pathfinder
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase user acquisition.
- Series A
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage growth and product development.
- Seed
- Amount Raised: Not publicly disclosed
- Date: August 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To build the initial product and launch in the market.
- Pre-Seed
- Amount Raised: USD 2,250,000
- Date: November 2018
- Lead Investors: Version One Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial concept and prototype.
Total Amount Raised: USD 28,250,000. Current Valuation: Not publicly disclosed.
Key Investors
- BITKRAFT Ventures
- Details: BITKRAFT Ventures is a global investment platform focused on gaming, esports, and interactive media. They led Lolli's Series B funding round.
- 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 companies. They led Lolli's Series A funding round.
- Investment Focus Areas: Technology, financial services, consumer products.
- Notable Investments: Chime, Exabeam, Divvy.
- Pathfinder
- Details: Pathfinder is the early-stage investment arm of Founders Fund. They participated in Lolli's seed funding round.
- Investment Focus Areas: Early-stage technology companies.
- Notable Investments: SpaceX, Palantir, Airbnb.
- Version One Ventures
- Details: Version One Ventures is a venture capital firm that invests in early-stage companies. They led Lolli's pre-seed funding round.
- Investment Focus Areas: SaaS, marketplaces, crypto.
- Notable Investments: Dapper Labs, Figure, Wattpad.
- Serena Ventures
- Details: Serena Ventures is a venture capital firm founded by tennis star Serena Williams. They are one of the notable investors in Lolli.
- Investment Focus Areas: Early-stage companies, diverse founders.
- Notable Investments: Tonal, MasterClass, Billie.
What's Next for Lolli?
Lolli's future looks promising as it aims to expand its bitcoin and cashback 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, potentially growing from 25,000 to over 100,000 by 2025. The company also plans to introduce new products and partnerships, enhancing its market presence and user engagement.
Given these opportunities, Lolli may pursue additional fundraising rounds to support its ambitious growth plans. The company's strategic approach to fundraising suggests that future rounds will be carefully planned to avoid unnecessary dilution. However, Lolli will need to navigate challenges such as market volatility of bitcoin, competition from other rewards programs, and regulatory hurdles. Despite these challenges, the increasing adoption of cryptocurrency and the rising interest in financial education present significant growth opportunities for Lolli.
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