I Love Rewards Raises $6.9 Million in Series B Funding

Innovative web-based corporate rewards and recognition program provider secures investment from leading venture capital firm GrandBanks Capital.

TORONTO and BOSTON, May 11 I Love Rewards (www.iloverewards.com), North America’s fastest growing rewards and recognition program provider, today announced that it has secured a $6.9 million Series B financing round led by GrandBanks Capital, a Boston based venture capital firm with participation by prior investors JLA Ventures and Laurence Capital.

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The capital will be used to accelerate I Love Rewards’ growth by expanding its sales and marketing capabilities to capture a share of the $47 billion rewards and recognition industry.

“GrandBanks Capital is behind some of the most successful technology companies today,” said Razor Suleman, Founder and CEO of I Love Rewards. “With their experience and support, we will be able to continue building a great company, service our existing and future customers and meet the needs of our employees.”

“The I Love Rewards vision of becoming the global leader aligns with our desire to invest in the best growth companies in Canada,” said Ryan Moore, General Partner of GrandBanks Capital. “I Love Rewards offers a compelling value proposition with its innovative proprietary Software-as-a-Service technology that provides immense value to human resource and sales professionals across North America.”

“The increased customer demand and success during this economic time proves the high value companies place on I Love Rewards results based rewards and recognition software” said John Albright, Managing Partner of JLA Ventures. “We look forward to continuing our investment in I Love Rewards as they continue to build a global company.”

I Love Rewards Series B Funding follows a series of key milestones:

• Record growth in Q1 of 2009, reporting a 187% increase in gross billings and 253% increase in new customer acquisition year over year.
• $11.6 million in total capital raised over the past 18 months. The Series A financing round closed in 2008, which was led by JLA Ventures.
• Awards include: named one of PROFIT Magazine’s Fastest Growing Companies, one of the Top 10 Technology Companies and a Top 100 Employer.

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 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 the digital media, Software-as-a-Service, and mobile computing companies.

Source: I Love Rewards