Reddit co-founder Alexis Ohanian and Youtube creators Cody Ko and Casey Neistat took part in a $5 million funding round for an app that rewards online shoppers with bitcoin

Reddit co-founder Alexis Ohanian and Youtube creators Cody Ko and Casey Neistat took part in a $5 million funding round for an app that rewards online shoppers with bitcoin
Pedro Fiúza/NurPhoto via Getty Images

A star-studded roster of investors took part in a $5 million funding round for Lolli, a company that rewards online shoppers with a small amount of bitcoin when they make a purchase.

On Wednesday, Lolli announced it completed its Pre-Series A funding. Alexis Ohanian's venture capital fund-Seven Seven Six led the round. Youtube creators Cody Ko and Casey Neistat also participated in the round, and so did Night Media, the management company that represents MrBeast, plus additional investors.

Lolli is a browser extension and mobile app that allows people to earn bitcoin when they shop online. The company partners with over 1,000 brands including Kroger, Sephora, Macy's, Nike, and Postmates. When users shop these brands through the Lolli extension, the company rewards the user with a small amount of bitcoin. The company sees this as a way to bring more investors into the crypto space by allowing them to slowly build their bitcoin holdings.

The funding will contribute to the mobile app development and international expansion of Lolli, according to a press release. At the moment, only residents of the United States can become Lolli members. The bitcoin rewards company also raised $3 million in a Seed Round in May 2020.

"The retail industry is facing an inflection point and the future lies with providing easily accessible crypto options," said Ohanian, who is the co-founder of Reddit and founder of Seven Seven Six. "I am excited to see how Lolli's mobile app development and international expansion will unlock new opportunities for both consumers and retailers alike. As an early investor in Coinbase, I believe Lolli has the potential to not only accelerate the future of bitcoin adoption, but also to fundamentally change the landscape for future generations."
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