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Plastic Jungle raises $7.4 Million
By siliconindia
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Bangalore: Mountain View based marketplace for gift cards, Plastic Jungle, has raised $7.4 million in a second round of venture capital (VC) funding. This round was led by Redpoint Ventures, along with the participation of Shasta Ventures, Bay Partners, First Round Capital and other investors.
Plastic Jungle previously raised $6 million, which the company's total funding to $13.4 million. The company says that it will use the funds to accelerate product development and work on other ways to create supply and demand for gift cards on the site. Ashmit Bhattacharya is the Chief Technology Officer at the company.
Founded in 2006, Plastic Jungle is a gift card exchange website where consumers can sell unwanted (and partially used) gift cards for up to 90 percent of the balance. Instead of receiving cash for a gift card, Plastic Jungle also lets users trade the value in for an Amazon.com Gift Card or donate the money to charity. Additionally, consumers can find discounted gift cards at plasticjungle.com for up to 30 percent off. The company provides free shipping for buyers and sellers and guarantees all transaction.
According to the company, during the 2009-10 holiday season, it made 450 percent more revenue than during the same period in 2008-09. The site also reports that it saves $35 on average per buyer, and that sellers usually receive an average of $110 per card.