Shift, a San Francisco, CA-based platform for selling pre-owned cars, raised a $38M Series C financing.
The round was led by BMW iVentures, with participation from new major investors DCM Ventures and G2VP, as well as continued participation from DFJ, Highland Capital, and Goldman Sachs Investment Partners. In conjunction with the funding, Christian Noske, a partner at BMW iVentures, joined the Shift Board of Directors. Jason Krikorian from DCM and Brook Porter from G2VP have joined as Board Observers.
The company, which has raised more than $110m in total funding, intends to use the capital to invest in additional technology, growing its team, and entering new markets.
Led by Founder and CEO George Arison, Shift pairs a technology-first approach with customer service to build a marketplace to buy, own, and sell cars.
Shift enables people to buy and sell used cars in the peer-to-peer market. Car enthusiasts act as a personal, full-service concierge helping throughout each and every step of the selling or buying process. The company help sellers sell their car for the best price possible, including detailing the car, listing it on multiple sites, answering all inquiries, handling test drives, and finding serious buyers.
When local buyers are interested in seeing the car, they can request a no-obligation test drive and Shift will deliver the car right to home. All Shift cars pass a 200-point inspection and come with a seven day money-back guarantee.
The company, which currently operates in the San Francisco Bay Area and the Los Angeles and San Diego regions, also has an engineering hub in Washington, DC.