Waterloo's Sweet Tooth Inc. announced today it has secured $2.25 million in funding. $1.5 million will be in the form of seed financing from OMERS Ventures, the Ontario government funded MaRS Investment Accelerator Fund (IAF) and Points International with an additional $750K is forthcoming from other sources.
Launched in 2009, Sweet Tooth provides a turnkey, user-friendly system for merchants to create 'points' programs and deliver online and in-store rewards to their customers. Sweet Tooth has helped over 1,500 merchants actively engage and reward more than 15 million consumers worldwide.
"As online shopping continues to grow, the Internet has become retail's new battleground for customer loyalty and retention," said Sweet Tooth founder and CEO Jay El-Kaake. "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.
Sweet Tooth will used the proceeds of the financing to expand their team and loyalty platform in order to accelerate this growth.