Lolli, a U.S.-based bitcoin rewards platform, announced on Monday it secured $3 million through its Seed II funding round, which was led by Pathfinder, with participation from beauty entrepreneur Michelle Phan, Sound Ventures, Craft Ventures, Company Ventures, Adam Leber, Abe Burns, and Chapter One Ventures. Repeat investors include FJ Labs, Version One, Bain Capital Ventures, Digital Currency Group, Pir Granoff, and Brian Sugar.
Founded in 2018, Lolli’s services allow consumers to earn bitcoin while they shop online. Lolli claims it has given hundreds of thousands of dollars back in free bitcoin to its users, who earn upwards of 30% back and an average of7% on their everyday purchases. The company has formed partnerships with more than 750 merchants, including Priceline, Macy’s, and Best Buy. Speaking about the funding round’s success, CEO and Co-founder of Lolli, Alex Adelman, stated:
“We’re excited to continue accelerating the mission of Lolli, making bitcoin more accessible to all. The team and I are creating the easiest way for people to earn and own bitcoin. We have an incredible syndicate of strategic investors that will help drive the adoption of Lolli and bitcoin forward.”
Lolli added that the Seed II funding will be used to launch its mobile app as well as expand the company internationally within the next year. The company is set to launch its full mobile app in Summer 2020.