I Love Rewards Inc., a provider of Web-based corporate rewards and recognition, has raised C$4.7 million in Series A funding. JLA Ventures led the round, and was joined by Laurance Capital, individual angels and company management.
I Love Rewards Inc., a North American web-based corporate rewards and recognition firm, today announced that it has completed a $4.7 million Series A financing round led by JLA Ventures with participation from Laurence Capital, senior management and other angel investors.
In November of 2007, I Love Rewards secured financing to fund the development of I Love Rewards Express, a software as a service rewards platform that allows clients to build custom web-based incentive programs in minutes.
Funds from today's additional $1.5 million will go towards financing the next stage of I Love Rewards' aggressive expansion strategy, the launch of its American brand ReThink Rewards.
“The marked increase in demand for corporate incentive programs in North America coupled with our web-based Express platform and proven track record in Canada will drive our push into the American market,” said I Love Rewards founder and CEO, Razor Suleman. “The launch of ReThink Rewards is the next step in achieving our vision of becoming the global leader in web-based rewards and recognition solutions.”
“I Love Rewards is well on its way to becoming the premier rewards and recognition program provider,” said John Albright, Managing Partner, JLA Ventures. “Their success in Canada is a good indication of what they are capable of and we look forward to being a part of ReThink Rewards' exciting future.”
This announcement coincides with the addition of David Brennan, CA, as Chief Financial Officer, I Love Rewards. Brennan has held senior management positions with Coopers & Lybrand (now PricewaterhouseCoopers), AT&T Capital (acquired by Newcourt Capital), Bank of Montreal, PixStream Incorporated (acquired by Cisco Systems), Sirific Wireless (acquired by Icera Inc.) and most recently as Chief Financial Officer at ALT Software Inc.
I Love Rewards (www.iloverewards.com) develops innovative web-based reward solutions for small and medium-sized businesses and Fortune 1000 companies including Bell Sympatico, Sage Software and Rogers Communications. I Love Rewards is one of Canada's Top 100 Employers for 2007 and 2008 and ranked #12 on the PROFIT 100 list of Canada's Fastest-Growing Companies of 2007. CEO Razor Suleman is the recipient of the 2007 Young Entrepreneur Award for Ontario by The Business Development Bank of Canada (BDC).
About JLA Ventures
JLA Ventures is one of Canada's leading venture capital firms that invests in growth companies that are focused on the Internet, digital media, e-commerce, communications security, mobile computing, and enterprise software companies.