Whitby, Ontario-based company startup 360incentives.com, Inc., which helps businesses set up and manage sales incentives programs for re-seller partners, create rebate programs for consumers as well as loyalty rewards, and field methods of payments, has attracted first-time venture capital financing. OMERS Ventures, the venture capital arm of Canadian public sector pension fund OMERS, led the C$7.65 million round. It was joined in the deal by Klass Capital and Round 13 Capital, both of which have recently raised new funds.
360incentives.com Secures $7.65 Million Investment from OMERS Ventures, Klass Capital and Round 13 Capital
Funds will be used to fuel growth and innovation
WHITBY, ONTARIO and ANNAPOLIS, MARYLAND–(Marketwire – Jan. 15, 2013) – 360incentives.com, an industry-leading provider of on-demand incentives solutions, is announcing a $7.65 million investment led by OMERS Ventures, the venture capital investment arm of OMERS, one of Canada’s largest pension plans. Other investors are Klass Capital and Round 13 Capital.
The investment will support 360’s growth strategy and accelerate its development of leading-edge channel engagement and incentives management technologies.
“From inception our vision has been to change the face of the promotions and incentives space. In today’s competitive landscape, manufacturers need to move faster than their competitors, and we allow them to engage and systematically improve their channel promotions. It is not just about incentives; it is about engagement – the tools and education they need to provide their channel with has never been more important than right now,” said Jason Atkins, Founder and CEO, 360incentives.com.
“From the manufacturer through their dealers and VARS, all the way to their end consumers there needs to be seamless communication and visibility; 360 is committed to developing the newest technologies that will not only increase visibility, flexibility, and accuracy of promotions, but also provide the tools to engage and convert everyone in their channel to advocates of their products. This significant round of funding provides us with additional resources and capital to further develop our technology platform and address new markets, while growing our client-centric business focused on innovation that includes more than 75 global brands today,” he added.
360incentives.com is modernizing the channel incentive space by providing an automated platform for clients that allows them to manage their channel promotion, incentive and rebate programs efficiently and holistically. Its sophisticated solution allows customers to dramatically reduce error and fraud, and to track in real-time where every promotion dollar is being spent to measure their return-on-marketing.
“We were attracted by the passion and vision of founder Jason Atkins and his team and their ability to bring a game-changing technology solution to the channel incentives space. They are an innovator and a leader in channel sales incentives and partner engagement,” said Derek Smyth, Managing Director of OMERS Ventures.
In just four years 360 has acquired over 75 global manufacturing clients, and has not lost a single customer to date.
“We are an extension of our clients; our goal is to provide their customers with an unbelievable brand experience. Our team is extremely proud of the culture of we have built to deliver happiness through the entire channel. We equip all of our Client Happiness Managers with iPhones and it is not uncommon for me to receive e-mails from happy customers letting me know that at 10:00pm one of our team members helped them, which further solidified their purchasing decision making them a customer for life! We live for delivering those moments,” said Todd Skinner, VP Client Happiness at 360.
A recent winner of a Deloitte Technology Fast 50™ Companies To Watch award, 360 Incentives is the leader in on-demand incentives solutions. 360 has developed a user friendly yet highly sophisticated SAAS-based software platform that allows large businesses to manage highly complex incentive programs in real time allowing them to maximize the effectiveness of their programs while minimizing admin efforts and costs to execute. For more information please visit http://www.360incentives.com.
About OMERS Ventures
OMERS Ventures (Twitter: @OMERSVentures) is the venture capital investment arm of OMERS, one of Canada’s largest pension funds with $55.1 billion in net assets. It is an initiative of OMERS Strategic Investments (OSI), an investment entity with a mandate to build long-term strategic relationships with like-minded partners. As both an institutional angel investor and a later-stage investor, OMERS Ventures is looking for successful companies with significant growth potential and market opportunities. We are seeking like-minded partners with a shared vision of building a vibrant and successful knowledge economy. For more information please visit http://www.omersventures.com/.
About Klass Capital
Klass Capital (Twitter: @KlassCapital) is a leading North American venture capital firm targeting high growth enterprise software companies. The company’s target equity investment size is between $2 million and $10 million. Klass Capital has a unique entrepreneurial culture and its portfolio includes innovative companies like Nulogy, Vena Solutions, Firmex and Dealer.com. In late April, Klass Capital announced that it had received a significant commitment from Healthcare of Ontario Pension Plan (HOOPP), increasing the size of the fund to $50 million. HOOPP is one of Canada’s largest pension plans and oversees $40-billion of assets. For more information please visit http://www.klasscapital.com.
About Round 13 Capital
Round 13 Capital invests in Canada’s leading IT companies, defined by companies which have successfully developed products with proven market demand and now require growth capital to rapidly scale revenues. The Round 13 Founders Fund is Canada’s first fund specifically backed by an accomplished group of entrepreneurs, all of whom have founded, built and exited their companies, and most importantly, generated significant shareholder wealth. All founders have committed to both invest in Round 13, and advise its portfolio companies. For more information please visit http://www.round13capital.com/.
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