I Love Rewards, the Canadian operator of employee rewards and sales incentive recognition programs for companies, has secured a $1.6 million ($1.8 million in Canadian dollars) in an extended Series B round from Ontario Venture Capital Fund. These funds add to I Love Reward’s previous Series B funding round in May led by GrandBanks Capital with prior investors JLA Ventures and Laurence Capital participating, bringing the company’s total Series B funding to $7.7 million ($8.7 million in Canadian dollars). The company raised $4 million in Series A funding in 2008 from JLA Ventures and Laurence Capital.
The company says this round of 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).