The company has secured approximately £2 million through investment group Durlacher.
All original investors in the scheme have also chosen to reinvest, along with a consortium of 10 additional investors and a number of ipoints employees.
Compared to sales for December 1999, ipoints notched up a 500 per cent increase in sales and a 400 per cent increase in sales of books, CDs, videos and computer games.
Nigel Atkinson, chairman of ipoints, said: "With strong revenue channels and good cost control, ipoints is on target to be profitable within the next 12 months. Our investors recognised this, along with the strong growth of the business overall, and decided to invest."
The firm also claimed that the average spend per member has increased for certain products.
Computer and electrical goods were claimed to average £1,200 per member, up from £750 last year, and home electrical goods spend has increased from £199 to £400 per member.
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