Shapshot of a VC Deal: Sweet Tooth Rewards

canada startups VCWho: Sweet Tooth Rewards, which provides e-commerce retailers with a system to create points-driven loyalty programs to reward customers. The Waterloo, Ont.-based company, which was started in 2009, has 1,500 customers.

How Much: $2.25-million from OMERS, MaRS Investment Accelerator Fund, Points International, and “other sources”. OMERS, which raised an $180-million venture capital fund last October, has now invested in three Canadian startups: Sweet Tooth, Wave Accounting and HootSuite, as well as Extreme Startups.

The Quote: “As online shopping continues to grow, the Internet has become  retailer’s new battleground for customer loyalty and retention. There are thousands of competitors for every eCommerce dollar, so when a customer makes a purchase online it is imperative that the customer is retained and engaged – or their next purchase might be with the competition.” Jay El-Kaake, Sweet Tooth founder and CEO. (Source: press release)

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