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.