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Print Edition StoriesI Love Rewards Inc., a Toronto-based employee recognition service with its U.S. headquarters in Cambridge, is near to closing a $20 million round of financing, led by new investor Sequoia Capital, two people close to the deal said. They asked not to be named in the story. Both declined to discuss valuation specifically, but said Sequoia was the high bidder among several venture capital firms that had hoped to put money into the company.
Last month, Menlo Park, Calif.-based Sequoia announced it had led $32 million in financing for Cambridge-based Internet marketing service HubSpot.
I Love Rewards has about 10 people in its offices at the the Cambridge Innovation Center, including CEO and founder Razor Suleman, sources said. The company has about 100 employees total. I Love Rewards had previously raised at least $11.5 million from investors including GrandBanks Capital of Wellesley, JLA Ventures, Laurence Capital and the Ontario Venture Capital Fund (OVCF). The company provides consulting and software-as-a-service (SaaS) to employers, designed to help plan and execute employee-recognition and sales-incentive programs.
Representatives for I Love Rewards and Sequoia did not return calls seeking comment.
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