Plastic Jungle, a marketplace for gift cards, has secured $7.4 million in Series B funding, led by Redpoint Ventures with Shasta Ventures Bay Partners, First Round Capital and other investors participating. This brings the company’s total funding to $13.4 million.
Plastic Jungle lets you buy, sell and exchange gift cards online. Instead of receiving cash for your gift card, Plastic Jungle also lets you trade the value in for an Amazon gift card or give your money to charity. Users can receive cash for unwanted gift cards for up to 92% of the unused balance and buy gift cards at up to a 30% discount. The company says that it will use the funds to accelerate product development and work on other ways to create supply and demand for gift cards on the site.
While Plastic Jungle didn’t reveal revenue numbers, the company’s CEO Garry Briggs says that its revenue is eight times more that what it was a year ago. Briggs also said that “millions” of dollars have flown through the marketplace since the company’s launch two years ago. Plastic Jungle faces competition from CardPool and others.
Plastic Jungle (www.plasticjungle.com) is the web’s largest secured gift card exchange, giving consumers the choice and flexibility to convert their gift cards into other forms of spending power — including cash, online balances to use for purchases at the millions of merchants that accept PayPal, Facebook Credits, and more — and to stretch their shopping dollars at their favorite merchants. Plastic Jungle’s patent-pending marketplace and payment applications aim to safely unlock the estimated $30 billion in unredeemed gift...
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