Idiot, a leading bitcoin rewards and cash back platform, today announced the successful closing of an $8 million Series B funding round, according to a press release sent to bitcoin Magazine. The investment was led by BITKRAFT Ventures, along with notable contributions from Sfermion, Ulta Beauty's Prisma Ventures, Hypersphere Ventures, Rahul Pagidipati, 2 Punks Capital, MZ Web3 Fund, and several others.
“We are thrilled to announce this fundraising as we enter this next phase of growth at Lolli,” said Alex Adelman, CEO and founder of Lolli. “As the price of bitcoin continues to rise and Lolli user rewards increase in value, we hope to leverage this continued period of growth and excitement in the ecosystem to bring bitcoin to even more people through gamified earning experiences. “We remain committed to building an industry-leading product and the best way for people to learn and own cryptocurrency with Lolli.”
The funding round also featured recurring commitments from previous investors including Seven Seven Six, Founders Fund's Pathfinder Ventures, Bain Capital Ventures, Serena Williams' Serena Ventures, Michelle Phan, Logan Paul, Pir Granoff, MrBeast's Night Media and Animal Capital.
“At BITKRAFT, we strongly believe in Lolli's mission to leverage financial gamification and rewards to accelerate cryptocurrency adoption,” said BITKRAFT Ventures Partner Carlos Pereira. “We look forward to working with Lolli to help drive Lolli’s continued growth as a leading on-ramp into cryptocurrencies. With its engaging user experience, extensive business partnerships and industry-leading technology, Lolli is uniquely positioned to transform the way people earn, own and understand digital assets.”
This funding will further boost Lolli's expansion plans, particularly the introduction of its proprietary multi-currency rewards system to business partners such as neobanks, exchanges, payments companies, search engines and card networks. Lolli aims to expand its rewards offering to business partners, allowing them to create personalized branded rewards experiences for their users.
Founded in 2018, Lolli has facilitated bitcoin rewards and cash back for everyday purchases at over 25,000 major retailers. Users can access these rewards through Lolli's mobile app, website, or browser extension, earning up to 30% cashback, with an average of 7% cashback, according to the release. To date, Lolli users have also accumulated over $10 million in bitcoin rewards.
