I Love Rewards (http://www.iloverewards.com), North America's fastest growing rewards and recognition program provider, today announced that it has closed its Series B financing round with $ 8.7 million in funding, following an investment by the Ontario Venture Capital Fund (OVCF) of $ 1.8 million. Today's funding announcement 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 $ 6.9 million from GrandBanks Capital, a Boston-based venture capital firm, along with participation by prior investors JLA Ventures and Laurence Capital.
This financing round caps off a tremendous last 12 months of growth for the company. Despite expectations set by the current state of the economy, I Love Rewards has seen a 187% growth in gross billings and a 253% increase in customer acquisition. The company has raised a total of $ 13.6 million 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," said Razor Suleman, Founder and CEO 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," said 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 United States and beyond."
In addition to their successful funding round, I Love Rewards was recently the recipient of the Top 10 Technology Companies award and WorldBlu's 10 Most Democratic Workplaces award, and was named one of the Top 50 Small and Medium-Sized Employers.
I Love Rewards is a web-based provider of employee rewards and recognition, sales incentive and service award programs that works with top employers and leading companies such as Microsoft, Marriott, ConAgra and Bell. For more information please visit http://www.iloverewards.com.
GrandBanks Capital invests in early stage technology companies located primarily in the eastern part of the United States and Canada. With headquarters outside of Boston, the firm has proven investment expertise in Internet infrastructure, software, security and storage applications, media and wireless technologies and services, and financial services. The GrandBanks Capital portfolio includes: Coradiant, Ember Corporation, First Coverage, GlassHouse Technologies, I Love Rewards, Incipient, OutStart, SendMe, uLocate Communications, Vela Systems, Vivox, and xkoto.
JLA Ventures is one of Canada's foremost venture capital firms. They invest in growth companies that are focused on Software-as-a-Service (SaaS), new and digital media, communications and mobile computing companies. JLA Ventures is also a co-manager of the Blackberry Partners Fund.
The $ 205 million Ontario Venture Capital Fund is a joint initiative between the Government of Ontario and leading institutional investors to invest primarily in Ontario-based and Ontario-focused venture capital and growth equity funds that support innovative, high growth companies. OVCF is structured as a fund of funds with the primary objective of generating attractive returns for its investors. The Fund is managed by TD Capital Private Equity Investors. For more information on OVCF, go to http://www.ovcf.com.
For press inquiries, please contact:
Christina Weber
christina.weber @ iloverewards.com
416-531-1531 ext. 299
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