Bitcoin redemption platform Lolli raises $8 million in Series B

Series B procurement

Lolli, a service provider that rewards users of the virtual currency Bitcoin (BTC) for online shopping, has raised $8 million in a Series B round.

The round was led by Bitkraft Ventures, along with Ulta Beauty’s VC funds Prisma Ventures and Hypersphere Ventures, existing investors Seven Seven Six and Pathfinder Ventures, and former tennis player Serena Williams. His VC fund Serena Ventures is also participating.

We’re thrilled to announce our $8M Series B funding round with an incredible team of investors.

This round was led by @bitkraftvc and includes @Sfermion_, @ultabeauty, @sevensevensix, @michellephan, @serenaventuresMrBeast’s @nightventures_and many more!

— Lolli (@trylolli) December 14, 2023

Lolli raised $10 million in a Series A round in July 2021. “This round gives us just the right amount of money we need to grow without diluting our existing investors or team,” said CEO Alex Adelman.

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Bitcoin rewards are in increasing demand

Lolli is a company launched in 2018 that rewards Bitcoin (BTC) as cash rewards for online shopping at approximately 25,000 stores. The CEO said that usage during the year-end holiday season is at a record high, with spending on Lolli exceeding the national average.

So far, we have returned more than $10 million in BTC and grown our user base by 35% year-on-year as of October, but in order to further expand our user base, we will increase the number of stores from 25,000 to 100,000 by 2025. Lolli will work with exchanges, neobanks, banks, payment companies, and browsers to drive increased sales, revenue, and engagement with Lolli’s patented rewards technology.

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