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 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

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