Techcrunch is reporting that Toronto’s I Love Rewards have secured $6.9 Million in Series B funding led by GrandBanks Capital with prior investors JLA Ventures and Laurence Capital participating. The company raised $4 Million in Series A funding in 2008 from JLA Ventures and Laurence Capital.
The company says the funding will be used to expand its sales and marketing efforts. I Love Rewards operates employee rewards and recognition, sales incentive and service award programs for corporations, including Microsoft, Marriott, ConAgra and Bell. Rewards are distributed as ‘points’ that are then used by employees to choose brand name reward merchandise (i.e. Apple), experiences (i.e. travel and special events), gift cards and virtual awards (i.e. music downloads).
Interesting side note: GrandBanks Capital’s Managing Partner declared they were “open for business” in Canada in March – he was serious!