I Love Rewards, a North American rewards and recognition programme provider, has closed its series B financing round with USD8.7m in funding, following an investment by the Ontario Vent
I Love Rewards, a North American rewards and recognition programme provider, has closed its series B financing round with USD8.7m in funding, following an investment by the Ontario Venture Capital Fund of USD1.8m.
The funding marks the first direct co-investment made to a company by the OVCF.
I Love Rewards received its first series B funding last month, with USD6.9m from GrandBanks Capital, a Boston-based venture capital firm, along with participation by prior investors JLA Ventures and Laurence Capital.
I Love Rewards has seen a 187 per cent growth in gross billings and a 253 per cent increase in customer acquisition. The company has raised a total of USD13.6m in the past 18 months, including a successful series A financing round in 2008 led by JLA Ventures.
"Now more than ever, companies need to find solutions to retain their best people and drive productivity with less manpower and resources," says Razor Suleman (pictured), founder and chief executive of I Love Rewards. "Our investors recognize this growing need, and with their commitment, we will enhance our capabilities as we realize our vision of being the global leader in web-based rewards and recognition."
"We are very happy to share the news of our investment in I Love Rewards, and are delighted to include this high-potential Ontario-based company in the OVCF portfolio," adds Melissa McJannet of TD Capital Private Equity Investors, manager of OVCF. "Razor and the I Love Rewards team have proven that they have what it takes to continue to grow and prosper in Canada, and we look forward to supporting them as they expand into the US and beyond."
