iloverewards.com Is Rewarded

Wade Roush5/12/09

Toronto-based iloverewards.com, which runs an online product catalog that offers corporate employees rewards as performance incentives, has closed a Series B venture funding round led by GrandBanks Capital of Newton Center, MA. There are conflicting reports about the amount of the round: a press release from iloverewards.com put it at $6.9 million, while a GrandBanks e-mail newsletter circulated this morning put it at $5.7 million. Existing investors JLA Ventures and Laurence Capital joined the round. Investing in Canadian technology startups is something of a specialty for GrandBanks—this is the firm’s fifth such investment and its sixth transaction in Canada overall.

Wade Roush is Xconomy's chief correspondent and editor of Xconomy San Francisco. You can e-mail him at wroush@xconomy.com or follow him on Twitter at twitter.com/wroush.