Acrew Capital, Lolli’s primary backer during the raise, said the app is well-positioned to boost Bitcoin adoption in the long run.
Popular Bitcoin (BTC) rewards app Lolli has received fresh backing from venture funds and other investors as it plans to scale its services to a wider audience.
On Wednesday, the company announced it had closed a $10 million Series A funding round led by Acrew Capital, with additional participation from UpNorth Management, Animal Capital, Banana Capital and Formula. Influencers such as Logan Paul and Chantel Jeffries also participated.
Several of Lolli’s previous backers including Seven Seven Six, 3K VC, Gabriel Leydon and Forerunner Ventures also recommitted to the company in the latest fundraiser.
Lolli said the financing will go towards enterprise-wide expansion, including hiring new talent, pursuing partnerships and further developing the recently launched mobile app.
Alex Adelman, Lolli’s co-founder and CEO, said his company’s mission is to make Bitcoin “more accessible for all.” He added:
“We believe it’s imperative to align with top creators to both educate, distribute and amplify the power of Bitcoin to the masses.”
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Lauren Kolodny, Acrew Capital’s co-founder and managing partner, described Lolli’s services as providing a low barrier to entry for early Bitcoin users.
Lolli has attracted several high-profile endorsements in the recent past. In March of this year, the company secured $5 million in investments to be used for further developing its mobile app. In May 2020, actor and entrepreneur Ashton Kutcher was one of several investors to participate in Lolli’s oversubscribed $3 million seed round.
On the business front, Lolli secured a major partnership with auction marketplace eBay in November of last year. Users who downloaded the Chrome extension were able to earn 1% back in Bitcoin when they shop on eBay.
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