Bain Capital Backs $2.25 Million Round for Bitcoin Rewards Startup Lolli

Bitcoin rewards platform Lolli has raised $2.25 million in seed funding from investors including Bain Capital Ventures.

AccessTimeIconNov 14, 2018 at 12:30 p.m. UTC
Updated Sep 13, 2021 at 8:35 a.m. UTC

Bitcoin rewards platform Lolli has raised $2.25 million in seed funding from investors including Bain Capital Ventures and Digital Currency Group.

Also participating were Version One, Forerunner Ventures, 3K VC, SV Angel, FJ Labs, Gokul Rajaram, Alex Chung, Brian Sugar and others, the firm said Wednesday.

Lolli is a rewards platform that allows users to earn bitcoin when they shop at the company's partner brands. The firm says it now has arrangements with over 500 brands, including Hilton, Marriott, Walmart and Forever 21, that will give users "up to 30 percent back in bitcoin," its website claims.

"We have over a 9 percent conversion rate and have already generated over 6 figures in sales for our merchants," said Alex Adelman, CEO and co-founder of Lolli, adding that the platform has created a "real use case" for bitcoin.

Working via a browser extension (currently, Chrome and Safari only), the platform notifies users when they are on a shopping on a partner site, and assigns the bitcoin rewards at checkout. Users can then spend, save or convert the earned bitcoins to cash later from their Lolli wallet.

As for wallet security, Lolli said it uses offline, cold storage to keep its users' bitcoins safe.

Bitcoin image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Investing in the Future of the Digital Economy
October 18-19 | Spring Studio, NYC