Plastic Jungle, a San Jose, California-based web secured gift card exchange, has closed on $10m in Series C financing.
The round was led by Jafco Ventures, with participation from existing investors Shasta Ventures, Redpoint Ventures, Bay Partners, and First Round Capital.
Plastic Jungle intends to use the funding to continue to grow becoming the largest marketplace to buy, sell and donate unredeemed gift cards.
The platform enables merchants to connect with their best customers, moving idle gift card balances into the hands of their most motivated consumers. The company’s proprietary payments applications allow consumers to convert unredeemed gift cards into purchasing power at e-commerce, social gaming, and other online merchants.
In conjunction with the funding, Jeb Miller, General Partner of Jafco Ventures, will join Plastic Jungle’s board of firectors.