San Jose, Calif. – Plastic Jungle, the developer of a
secured gift card exchange, said on Thursday it has raised $10 million in its
third round of funding, led by Jafco Ventures.
Previous backers Shasta
Ventures, Redpoint Ventures, Bay Partners and First Round Capital also
San Jose, Calif.-based Plastic Jungle’s marketplace and payment
applications allow consumers to sell unredeemed gift cards for up to 92% of
their balance, as well as buy gift cards at up to 30% off.
Users of the site
have the option to convert their gift cards into cash or online balances to use
The company expects to transact more than $10 million in gift
card value in 2010, making it the largest marketplace of its kind.