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Tech Globoforce raises $9.3m in second funding

Globoforce has raised $9.3m in a second round of venture capital funding, which will be used to finance expansion in the US.

The Dublin-based company uses the internet to sell vouchers that are used by individual and corporate customers for gifts and rewards schemes, and has a network of retailers in 70 countries.

The funding was led by Atlas Venture, while existing investor Benchmark Capital also participated.

As a result of the investment, Sonali De Rycker, a partner at Atlas Venture's London office, will join the board of Globoforce.

Eric Mosley, chief executive of Globoforce, said: 'We will use the funds to expand our US operations and further enhance our products to provide even more of the unique capabilities needed to manage and implement worldwide corporate incentive programmes.'

Globoforce clients include Microsoft, Vodafone and Boston Scientific.

It is involved in the non-cash corporate incentive market estimated by the US Incentive Federation to be worth $27bn in the US alone.

Last year, Benchmark invested €1.5m in Globoforce.

The company started off as Globogift.com back in 1999, and was founded with €254,000 seed capital from Davy Stockbrokers' nominees