Citi Ventures, the corporate venturing unit of US-based bank Citigroup, invested an undisclosed sum as a strategic investment in gift card company Plastic Jungle in January.
Chris Kay, managing director and head of ventures for Citi Ventures, said: "Plastic Jungle has established itself as a leader in the payments exchange space. Their team is focused on providing a flexible and efficient consumer experience, increasing consumer choice and driving new value from existing currencies. We are happy to help them expand and explore new paths for payments."
Plastic Jungle is a gift card exchange, allowing consumers to convert gift cards into other forms of "spending power".
Plastic Jungle raised $10m in its series C round and $7.4m in its series B round, also in 2010. The company’s series A round raised $4.8m in 2009. The company was founded in 2006.
Plastic Jungle is also backed by venture firms Shasta Ventures, Redpoint Ventures, Jafco Ventures, First Round Capital, Bay Partners, Harrison Metal and Western Technology Investment.