BTC Reward App Lolli Raised $5 Million From Serena Williams And More

The BTC reward app Lolli raised $5 million in a Series A funding round with participation from tennis player Serena Williams and her partner Alexis Ohanian and his Seven Seven Six company so let’s read more about it in our latest bitcoin news today.

The BTC reward app Lolli is a company that rewards shoppers with Bitcoin and it managed to raise $5 million in a Series A funding round. Lolli is a startup that makes web browser extension that allows shoppers to earn free BTC in “Cashback” rewards announcing that it raised a $5 million pre-series A Funding round including an array of popular investors.

Seven Seven Six is a venture capital company founded by Reddit’s co-founder Alexis Ohanian who led the round with more rounding coming from Serena Williams and her Ventures company. More investors in the round included Philip De Franco, Codyko, Night Media, and Casey Neistat. Williams said in a press release:

 “I’m excited to announce my investment in Lolli, a company on a mission to make Bitcoin more accessible. Earning and owning Bitcoin is a step towards financial inclusivity for all people.”

Unlike other retail-facing BTC apps that rely on users that spend their coins to make money, Lolli is in the affiliate business and is seemingly doing well so far. The company rewards more than 250,000 users with Bitcoin or US dollars for shopping at more than 1000 supported online retailers like Microsoft, eBay, and Nike according to the head of communications Aubrey Strobel. The company earns affiliate commissions from other retailers for pointing users to their storefronts and also gives a share of the commission back to the Lolli users in the form of Bitcoin.

According to Lolli, It awarded more than $3 million worth of Bitcoin rewards to users with an average reward of 7%. Lolli CEO and co-founder Alex Adelman said:

 “We’re thrilled to be working with investors such as Alexis Ohanian, Serena Williams, and Casey Neistat, who truly believe in bitcoin, mass adoption, and financial inclusion. Our investors provide large platforms that are used to help educate and inform their followers—making the conversation and the asset accessible to anyone.”

The company raised a $3 million seed round which included other well-known investors as well like Ashton Kutcher, Bain Capital, Sound Ventures, Digital Currency Group, and more.