The bitcoin rewards platform Lolli has announced the company has
closed a $10 million Series A funding round on Wednesday. Lolli says
the new financing will help the firm expand, hire and develop new
partnerships.
Lolli Raises $10 Million
The New York-based Lolli has raised $10 million from investors, according to the company’s announcement
on July 28. The company said that the Series A was led by Acrew
Capital, Banana Capital, Up North Management, and Animal Capital.
The venture capital company Animal was founded by social media moguls
Noah Beck, Josh Richards, and Griffin Johnson. Lolli further detailed
that investors like Baron Davis, Kenny Beecham, Logan Paul, and Chantel
Jeffries participated as well.
The CTO and co-founder of Lolli, Matt Senter, said that Acrew
Capital’s investment shows the company understands that bitcoin-based
businesses are blossoming.
“Acrew’s sizable bet on Lolli says two things: bitcoin business is
booming, and as the original bitcoin rewards platform, Lolli has the
best team to increase adoption in the long run,” Senter said in a
statement. The Series A funding will be used to expand the firm, recruit
new employees, and “further development of the recently launched mobile
app.”
Tiktok star and social media giant Josh Richards and the Youtuber and entrepreneur, Logan Paul,
also discussed the Lolli investment. “I’m thrilled to be investing and
helping to fuel the growth of a company that allows users to earn and
learn about this new asset class,” Youtube star Logan Paul said on
Wednesday. Josh Richards said that his firm Animal Capital believes in
companies that are embracing the modern age. Richards remarked during
the announcement:
At Animal Capital, we believe in companies that are
meeting modern users where they are – by bringing opportunities to
invest in bitcoin to shoppers of all ages, Lolli is poised to transform
the way that people, especially young shoppers, think about investing.
Lolli’s Competition, Review Score, and Drawbacks
Lolli isn’t the only service that offers crypto rewards these days
for shopping, and the app competes with pre-paid crypto cards like
Blockfi’s and Crypto.com’s Visa cards. The company was recently reviewed
on July 13 by bitcompare.net’s Dean Fankhauser and achieved a score of
4.5 out of 5. Fankhauser’s review is fairly comprehensive but mentions
some drawbacks tied to Lolli’s application.
“You’ll need to wait between 30 and 90 days before seeing any actual
earnings from the app,” Fankhauser writes. “Considering how small these
earnings are, that’s a long time to wait for an online shopping reward.”
The review also says that “returning items on which you’ve already
earned bitcoin rewards can also muddy the waters of the system.” In
contrast, Crypto.com’s wait time for crypto rewards on pre-paid crypto
debit purchases is negligible because the crypto rewards are instant.
source link ; https://news.bitcoin.com/bitcoin-rewards-firm-lolli-raises-10m-in-funding-led-by-acrew-capital-social-media-moguls/
