A US$1.6 million has been raised by the pioneering rewards and recognition program provider – I Love Rewards – in an extended Series B round. The funding has been secured by way of the first direct co-investment from Ontario Venture Capital Fund.

The new funds come as an addition to I Love Reward’s earlier Series B funding round in May, which was led by GrandBanks Capital with participation from former investors JLA Ventures and Laurence Capital. The company has raised a total of US$7.7 million in this round; and with a $4 million secured in Series A funding last year, it has raised a total of $13.6 million in the past year-and-a-half.

The latest capital infusion rounds off a rather remarkable year of enviable growth by I Love Rewards. The present state of the economy notwithstanding, the company has seen a 187 percent growth in gross billings and a 253 percent leap in customer acquisition. 

The company has also recently received the Top 10 Technology Companies award, and the 10 Most Democratic Workplaces award by WorldBlu. It has also been named one of the Top 50 Small and Medium-Sized Employers.

I Love Rewards - which runs employee rewards and recognition, sales incentive and service award programs for businesses, including Microsoft, Marriott, Bell, and ConAgra - said the funds raised will be used for expansion of its sales and marketing endeavors.