I Love Rewards adds another $1.8 Million to Series B

In May we reported that Toronto’s I Love Rewards had secured $6.9 Million in Series B funding led by GrandBanks Capital with prior investors JLA Ventures and Laurence Capital participating.

Today they announced that they have closed that Series B financing round with a total of $8.7 Million in funding thanks to an additional $1.8 Million from the Ontario Venture Capital Fund (OVCF). This announcement marks the first direct co-investment made to a company by the OVCF.

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.

This financing round caps off a tremendous last 12 months of growth for I Love Rewards who 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.