Groupon expects to roll out a revamped mobile app.
The $10 million investment round was led by Jafco Ventures.
Plastic Jungle, a web site for selling, buying and exchanging gift cards, said today it had received $10 million in new investment. Jafco Ventures lead the investment round, the third for Plastic Jungle. Shasta Ventures, Redpoint Ventures, Bay Partners and First Round Capital also took part.
Plastic Jungle gave no details about what it plans to do with the money.
“We’ve built tremendous trust with our customers by operating the most efficient marketplace for unredeemed gift cards, and developing unparalleled payment applications allowing consumers to buy, sell and exchange gift cards,” says Bruce Bower, CEO of Plastic Jungle. “We continue to prove that the Plastic Jungle team is second to none when it comes to understanding the gift card market.”
Consumers can use Plastic Jungle to sell unredeemed gift cards for up to 92% of the balance, the company says. Consumers can buy gift cards for up to 30% off the cards’ value. Plastic Jungle also enables consumers to use unredeemed gift cards toward purchases at online retail and social gaming sites.
Plastic Jungle says Jeb Miller, general partner at Jafco, will join the gift card company’s board of directors. “Plastic Jungle is doing incredible things to revolutionize the gift card and alternative payments industries, and we look forward to applying the full resources of the Jafco platform to help the company further accelerate its growth,” he says. “They have already established themselves as the clear winner in this emerging space, continuing to develop new and innovative gift card applications, and we believe the combination of their vision and expertise will define the field far into the future.”