๐Ÿฆ„ Unicorner Startup of the Week: Lolli 
 
 โœ๏ธ Notes From The Editors  
Hope your week is off to a good start! Last week, we asked you to tell us which three apps you couldn't live without. Based on your responses, the top three apps were: SpotifyGoogle Calendar, and Notion
 
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 - Arek and Ethan ๐Ÿฆ„
 
 
Earn bitcoin by shopping
 
 
Lolli is a browser extension that allows shoppers to earn up to 30% back in the form of Bitcoin from purchases they make with partnered retailers. This rewards program incentivizes customers to do their web shopping on participating websites by giving specific rewards for each purchase. While other stores offer cash-back rewards, Lolli provides similar rewards in digital assets.
 
 
๐Ÿ”— Check them out: www.lolli.com
 
 
๐Ÿ’ฐ Business Model
Lolli generates revenue by taking a transaction fee from the merchant every time a customer with the Lolli browser extension shops at one of their partnered retailers. A portion of this commission collected is then returned to the customer as bitcoins. The percentage received depends on the retailer.
 
๐Ÿ“ˆ Traction and Fundraising
  • Raised a total of $10.3 million in funding from Version One Ventures, Pathfinder, and more
  • Recent $5 million seed extension raised from investors such as Serena Williams, Alexis Ohanian, and YouTubers Philip DeFranco and Casey Neistat
  • Partnered with 1000+ brands including Nike, Sephora, Bloomingdaleโ€™s, and Kroger
  • Gained 250,000+ users since launch
 
๐Ÿ‘ซ Founder(s)
  • Alex Adelman, CEO: Previously CEO and Co-founder @ Cosmic (Acquired), Economics @ University of North Carolina at Chapel Hill
  • Matt Senter, CTO: Previously CTO and Co-founder @ Cosmic (Acquired), CEO and Founder @ Kungfuters LLC, CTO and Co-founder @ SeedMatrix, CS @ North Carolina State University
 
๐Ÿ”ฎ Our Analysis
Bitcoin has grown tremendously in the last decade. Most people and investors have been risk-averse to cryptocurrency because of its risky nature, volatility, and unknown speculations. Lolli bridges the gap between common consumers and cryptocurrency through their platform by making Bitcoin more accessible and user-friendly. Online shopping is a major business service, and taking the common practice of cash-back rewards and adding a Bitcoin twist makes the digital asset more democratized. Cryptocurrencies have a place in the financial ecosystem in the future, and it is important for the average consumer to build familiarity with the asset. With infrastructure developing for cryptocurrencies and billions of dollars being invested, the potential for companies to innovate by adopting the technology is high. One aspect Lolli can focus on in the near future is educating young investors and developing firms so they understand the practical applications of distributing cryptocurrencies. As the growth of cryptocurrency continues, space for platforms to democratize access grows more and more massive, and Lolli plays a key role in this.
 
๐Ÿ“š Further Reading
 
 
Made with ๐Ÿ’œ by the Unicorner Team ๐Ÿฆ„
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๐ŸŽ Bonus Content!
A few articles ago, we covered CopyAI, a marketing text generator powered by GPT-3. The company behind GPT-3, OpenAI, recently announced the launch of its $100 million startup fund for artificial intelligence founders. To learn more about the program (as well as details on how to apply), check out the website.
 
 
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