I Love Rewards raises C$1.6 million

Toronto-based startup seeks to expand sales and marketing efforts

I Love Rewards, an Online rewards and recognition program provider, has raised C$1.8 million in additional series B funding from Ontario Venture Capital Fund.  This brings the total round to $8.7 million.  Last month, the company received the first $6.9 million portion of the round from GrandBanks Capital, JLA Ventures and Laurence Capital.

Based in Toronto, I Love Rewards helps employers create point-based rewards and recognition programs.  It says these help drive sales, and in the end motivate behaviors to drive company success.  Also, instead of having a standard uniform feel, I Love Rewards provides its clients with their own brand and look to make it feel more official.

The startup says it has experienced tremendous growth in the last 12 months, stating its seen 187% growth in gross billing and a 253% increase in customer acquisition.  

I Love Rewards will use the funding to expand sales and marketing efforts.  Some of its past and current clients include Microsoft, Marriot, and ConAgraFoods.