Plastic Jungle, which operates an online gift card marketplace, has received a strategic investment from Citi Ventures, Citigroup’s investment arm. The size of the capital injection was not disclosed. The startup has previously raised over $23 million in financing from Jafco Ventures, Shasta Ventures, Redpoint Ventures and First Round Capital, among others.
Plastic Jungle allows people to sell unredeemed gift cards for up to 92 percent of the gift card value, or purchase gift cards at a significant discount.
The San Jose, California-based company says it exchanged “hundreds of thousands” of gift cards and “tens of millions” of gift card value across 400 brands in 2011.
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...
Citi Ventures is Citi’s global corporate venturing arm, chartered to collaborate with internal and external partners to conceive, partner, launch, and scale new ventures that have the potential to disrupt and transform the financial services industry, drive client success, and generate new value for Citi.