Mountain View,
Calif. – Plastic Jungle, the developer
of an online gift card exchange, said on Friday that it has raised $7.4 million
in its second round of funding, led by new investor Redpoint Ventures.
Previous
backers Shasta Ventures, First Round Capital and Bay Partners also
participated.
The Mountain View, Calif.-based company, which also raised $6
million in March 2009, plans to use the latest funding to grow its business,
which aims to liquidate the estimated $30 billion in unused gift cards.
The
service allows users to get cash for unwanted gift cards for up to 92% of the
unused balance, as well as buy gift cards at up to a 30% discount.
Plastic
Jungle said that it saw 450% year-over-year revenue growth this past holiday
season.
"Our growth this past year proves that we are filling a
significant gap in the retail economy allowing retailers to drive enormous
incremental value from their already successful gift card programs," said
CEO Gary Briggs.
"With this new investment we’ll be able to execute our
vision more quickly."
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