An Asheville-based company that offers cash rewards on purchases has raised $25,000 in a debt offering, according to a filing Friday with the Securities and Exchange Commission.
Lolo LLC raised the money from one investor and is seeking to raise an additional $475,000, according to the filing.
The company raised $30,000 in October 2016 and $275,000 in April 2016.
LoLo, or “Locals Supporting Locals,” offers consumers the chance to earn rewards through any connected credit or debit card. The Asheville-based startup prides itself on supporting local businesses and being easy to use.
The application allows mobile users to earn 5 percent in rewards on every dollar spent. They can then use their “LoDough” at any participating business.
It operates in markets such as Asheville, Durham, Nashville and Chicago.
The company’s founders are Clark Harris and Matthew Simpson, who started the company in 2013.
Harris also cofounded the real-time promotional platform tool called PromoterBee as well as the websites FindMeSpecials.com and FindMeEvents.com and mobile app PathCrosser.
His roles have included financial, corporate and legal responsibilities as well as social media marketing and networking.
Companies relying on a Reg D exemption do not have to register their offering of securities with the SEC, but they must file what’s known as a Form D electronically with the SEC after they first sell their securities.