Unused Gift Card Liquidator Raised $7.4 Million in Venture Capital Financing
March 27, 2010
On March 18th, California based expansion stage Internet Company Plastic Jungle announced the $7.4 million Series B round of venture capital investment. The venture funding was led by Redpoint Ventures with participation from Shasta Ventures, First Round Capital, and Bay Partners. Plastic Jungle is a reseller of unwanted gift cards and reported that during the 2009-10 holiday season its revenue grew 4.5 times compared to the holiday season a year earlier. On its website, Plastic Jungle posts that on average its customers pay $110 for a card and save $35 giving them 24% discount. Degitalmedia.com reported that the expansion capital the company raised will be used to capitalize on the growing popularity of the website and explore the estimated $30 billion in unused gift cards.