Lolli, which offers Bitcoin rewards for online shopping, has collected $3m in its oversubscribed Seed funding round.
The round was led by Pathfinder, the early-stage investment vehicle of Founders Fund. Other contributions to the round came from beauty entrepreneur Michelle Phan, Sound Ventures, Craft Ventures, Company Ventures, Adam Leber and Chapter One Ventures.
Previous Lolli backers FJ Labs, Version One, Bain Capital Ventures, Digital Currency Group, Pir Granoff and Brian Sugar, also contributed.
The fresh funds will be used to launch the company’s mobile app and support its international expansion. A summer 2020 launch is planned for the Lolli mobile app.
Founded in 2018, Lolli is an app which empowers users to make Bitcoin rewards for spending at merchants both mobile and the web. The platform, which currently operates through a website, earns upwards of 30% back and an average of 7% on their everyday purchases.
The FinTech has formed partnerships with more than 750 merchants including Priceline, Macy’s and Best Buy. These merchant partners pay Lolli when users shop on their sites, Lolli then shares the commission with users through Bitcoin.
Founders Fund partner Scott Nolan said, “Lolli became the leader in bitcoin rewards by making it frictionless to own bitcoin. That initial friction has always been the biggest barrier to bitcoin adoption, and with the launch of their mobile app this year Lolli will take the next step in making bitcoin accessible to everyone.”
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