Lolli raises $2.25M to build out its app that lets shoppers earn crypto

Lolli, a bitcoin rewards rebate application, announced that it had raised an oversubscribed seed round of $2.25M. Investors include Bain Capital Ventures, Version One, Forerunner Ventures, and Digital Currency Group. Lolli is a rewards applications that enable users to earn bitcoins when shopping at one of their 500+ retail partners. The application operates similarly to a credit card rewards program: users purchase products at a Lolli partner site and receives up to 30% back in bitcoin.

"People haven't really thought about the consumer," Alex Adelman, founder, and CEO of Lolli, tells The Block. "People want to earn bitcoin more than they want to spend it. You can attract young, affluent users who are tech-savvy if you offer them bitcoin," Adelman added. Adelman goes on to list three reasons for starting Lolli: (1) retailers want to make money, (2) consumers want to earn more than they want to spend, and (3) retailers want to play into the bitcoin space but don't want to jump through the security hoops.