Plastic Jungle, a Mountain View, California-based Web solution allowing users to sell, buy, exchange, and donate gift cards, raised a total of $7.4m in its Series B financing.
The round was led by Redpoint Ventures, with partipation from existing investors Shasta Ventures, First Round Capital, Bay Partners.
The company offers a way to save money for consumers to turn unwanted gift cards into cash or buy them at up to a 30% discount.
The process directly benefits retailers, creating liquidity in idle gift card balances.
When Plastic Jungle buys gift cards from consumers who are not using them, it places them in the hands of highly motivated, brand driven purchasers, driving immediate revenue and profit.
In conjunction with the financing, the company will add Allen Beasley, Partner at Redpoint Ventures, to its board of directors.
Plastic Jungle previously secured $6m in Series A funding, bringing its total equity funding to $13.4 million.
FinSMEs
19/03/2010