Private investment firm Comvest Partners acquires the financially troubled e-retailer, which filed for Chapter 11 bankruptcy protection in March.
While the recession makes it tough to hunt for funding, Plastic Jungle, a gift card site, has secured $4.8 million in Series A Preferred Stock Financing.
Plastic Jungle, a retail web site for selling, buying and exchanging gift cards, has secured $4.8 million in Series A Preferred Stock Financing, led by Shasta Ventures with investments from Bay Partners, First Round Capital and Harrison Metal. Plastic Jungle will use the funds to accelerate growth through key new hires as well as increased marketing and business development efforts, the company says.
“This funding not only allows us to advance our company but also brings tremendous knowledge and resources through our investors, all of whom have a wealth of valuable experience,” says Gary Briggs, CEO of Plastic Jungle. “We are entering a very exciting phase of our business and remain uniquely poised to create a new and more efficient market where consumers can realize the full benefit of gift cards they receive, and retailers can attract incremental revenue and profit by ensuring gift cards move into the hands of their best and most profitable consumers.”
As part of the financing round, Plastic Jungle will add two new members to its board of directors, Tod Francis of Shasta Ventures and Josh Kopelman of First Round Capital. Existing board members include Briggs, Plastic Jungle founder and chief operating officer Tina Henson, and St. Bernard Software CEO Lou Ryan.