Bitcoin rewards app Lolli has just concluded a $10million funding round, the fund realized would help to expand the company and get its services to a larger audience.
The Bitcoin (BTC) rewards app is very popular. Lolli has acquired further funding from venture capital firms and other investors in order to expand its services to a larger audience.
The firm announced on Wednesday that it has concluded a $10 million Series A funding round led by Acrew Capital, with UpNorth Management, Animal Capital, Banana Capital, and Formula also participating. Logan Paul and Chantel Jeffries were among the celebrities who attended.
Several of Lolli’s prior backers recommitted to the company in the new round, including Seven Seven Six, 3K VC, Gabriel Leydon, and Forerunner Ventures.
The funds will be used to expand the company across the board, including employing new personnel, exploring collaborations, and further developing the recently launched mobile app, according to Lolli.
Lolli’s co-founder and CEO, Alex Adelman, stated that his company’s objective is to make Bitcoin “more accessible for all.” He continued, “
“We believe it’s imperative to align with top creators to both educate, distribute and amplify the power of Bitcoin to the masses.”
Lolli’s services, according to Lauren Kolodny, co-founder and managing partner of Acrew Capital, provide a low barrier to entry for early Bitcoin users.
Lolli has recently received a number of high-profile sponsorships. The company received $5 million in funding in March of this year, which will be utilized to further develop its mobile app.
In May 2020, actor and entrepreneur Ashton Kutcher was one of several investors in Lolli’s $3 million seed round, which was oversubscribed.
On the business front, Lolli inked a huge deal with eBay’s auction site in November of last year. When users installed the Chrome extension, they were able to earn 1% back in Bitcoin when shopping on eBay.