Plastic Jungle, a marketplace for gift cards, has just raised $10 million in new funding led by Jafco Ventures with Redpoint Ventures, Shasta Ventures, Bay Partners, and First Round Capital participating. This brings the startup’s total funding to over $23 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 is also trying to partner with online retailers to power a payment portal in the checkout process that will allow shoppers to use a credit from a different store to make an online payment.
While Plastic Jungle doesn’t reveal revenue numbers, the company’s former CEO Garry Briggs told us earlier this year that revenue is eight times more that what it was a year ago. The company also revealed in the release that it is on track to transact more than $10 million in gift card value in 2010. Plastic Jungle faces competition from CardPool and others.
Plastic Jungle (www.plasticjungle.com) is the webâ€™s largest secured gift card exchange, giving consumers the choice and flexibility to convert their gift cards into other forms of spending power â€” including cash, online balances to use for purchases at the millions of merchants that accept PayPal, Facebook Credits, and more â€” and to stretch their shopping dollars at their favorite merchants. Plastic Jungleâ€™s patent-pending marketplace and payment applications aim to safely unlock the estimated $30 billion in unredeemed gift...