US-based gift card marketplace Plastic Jungle has been acquired by discount gift card website CardCash.com for an undisclosed fee, providing an exit to Citi Ventures, the corporate venturing unit of US-based bank CitiGroup.
Plastic Jungle is a gift card exchange where users can covert their gift cards into other forms of spending power. Following the acquisition, CardCash will inherit Plastic Jungle’s technology infrastructure, business partnerships and domain name.
Citi Ventures invested an undisclosed sum in the company in 2012. Plastic Jungle secured $4.8m in a series A round in 2009 led by Shasta Ventures that also featured Bay Partners, First Round Capital and angel investors.
The company received $7.4m in series B funding in March 2010 from Redpoint Ventures, Shasta Ventures, Bay Partners and First Round Capital. This was followed by a $10m series C round in November the same year from Jafco Ventures, Redpoint, Shasta, Bay and First Round.