JungleCents operates a lead-generation model that accepts gift cards from companies in lieu of cash and sells those gift cards as limited-time daily deals on its site. The startup negotiates deals with online merchants and national brands such as Whole Foods, Beyond the Rack and Amazon. It offers $20–$50 discount gift cards in limited quantities for a limited time, positioning its offers as cash value consumers can apply to purchases rather than item-specific coupons. Founder Sameer Mehta describes the site as “sort of like a Gilt meets Groupon,” and the company pitches higher margins and a stronger value proposition. JungleCents focuses on national online merchants rather than local deals. The company plans to use the new funding to hire more people and expand marketing efforts; the financing closed with Mark Cuban as an investor and advisor and a board that includes Peter Safran, Guy Kawasaki and Bill Reichert.

Total raised

$2M

Funding rounds

1

Latest round

Seed

Latest activity

Oct 2010