June 17, 2009
With offices in both Boston and Toronto, I Love Rewards, North America’s largest and fastest growing online employee recognition company has announced that it had just closed $8.7 million in series B funding led by Ontario Venture Partners. This round of funding comes on the heals of another round of funding, in which Ontario Venture Partners participated in by funding $1.8 million to the company. Furthermore, in May of this year, another installment of this series B funding with a $6.9 million from Boston-based GrandBanks Capital as well as the participation of existing investors, JLA Ventures and Laurence Capital.
I Love Rewards is a company that helps employers recognize their top employees. Some of the services that I Love Rewards offers to employers, Employee Recognition and Rewards Program, which is a program directed to the motivation of employees at a business by offering them rewards for good productivity. This recognition program aims to motivate employees to be more productive and the philosophy of the company is that good productivity equals higher revenues, therefore offering employees rewards for good productivity provides them with the incentive to produce more.
Another service that I Love Rewards offers is to promote company values. This is also beneficial to a company because not only does it help a company’s reputation, but it also gives its employees the feeling that they are doing something meaningful. Some of the other services that I Love Rewards offers are recruiting talent, employee motivation, sales incentives, and more.
According to the founder and CEO of I Love Rewards, Razor Suleman, during these difficult economic times, more than ever, employers need to drive up productivity and retain their best workers to strive to do better in the workplace. Furthermore, tough economic times also means that more work needs to be done with less manpower. This can overwhelm employees, hence incentives and motivation is key to keep the best employees to perform their best. Furtnermore, the company’s investors also know the value of this to employers, therefore the service that I Love Rewards offers has immense market potential.
Furthermore, along with this funding, I Love Rewards still will not stop awing the business community since it had made the 10 Most Democratic Companies Award, given by WorldBlu. Furthermore, I Love Rewards was also awarded the Top 10 Technologies and last, the company was also named one of the Top 50 Small and Medium Employers.
Ontario Venture Capital, or OVCF is a vc firm that is based in Toronto, Canada and OVCF basically focuses its investments in Ontario based companies. OVCF has over $208 million under its management and gets an additional $90 million from the Provincial Government of Ontario, Canada.
GrandBanks Capital is a regional vc firm that invests mainly in early stage companies based in the eastern United States and Canada, and that are in the tech industry. GrandBanks is based outside of Boston, Massachusetts and some companies in its portfolio include First Coverage, Glass House Technologies, Incipient, OutStart, and others.
For more information about I Love Rewards, click here.