Shift raises $ 38 million to continue expansion in the United States
- The used vehicles marketplace has completed a fourth round of funding of 38 million euros.
- BMW i Ventures led the transaction, alongside DCM Ventures, G2VP, DFJ, Highland Capital and Goldman Sachs Investment Partners.
- With this fundraising, Shift wishes to continue its development in the United States.
The specialist in the sale of used vehicles online Shift raised $ 38 million in Series C. BMW i Ventures led the deal, alongside DCM Ventures and G2VP, as well as historical company investors DFJ, Highland Capital and Goldman Sachs Investment Partners. Since its inception in 2013, the company has raised more than $ 110 million.
Created in San Francisco by Christian Ohler, Minnie Ingersoll, Morgan Knutson and Irakly George Arison, Shift has developed a used vehicles marketplace.
Beyond the catalog of vehicles available for purchase, the company assists individuals wishing to sell their vehicles on the legal aspects of the sale, as well as to set their selling price. The Shift team travels to inspect and assess the vehicle, clean it and take a picture of it. The company goes so far as to organize trials with potential buyers interested in a vehicle. Shift is very popular with millennials, a population traditionally poorly understood by American dealers.
In the era of the collaborative economy and vehicle sharing, the buying and selling of used cars still has a bright future ahead of it, if we are to believe Christian Noske, Partner in the BMW i Ventures fund. . “The concept of ownership and use is based on the accessibility of these services [de partage de véhicules]. These services are currently not available everywhere in the United States. A large part of the population lives outside the areas where they are available (…), having your own vehicle is very important there», He told TechCrunch. And for good reason, only 20% of jobs in the United States are accessible within a 90-minute journey by public or shared transport, according to the investor.
The objectives of the Start-up
With this fourth fundraiser, Shift wishes to continue its geographic expansion. The service is currently available in Los Angeles, Orange County, San Diego, San Francisco and Washington.
Founders: Christian Ohler, Minnie Ingersoll, Morgan Knutson and Irakly George Arison
Activity: used vehicle marketplace
Funding: more than 110 million dollars since its creation, in 4 rounds of funding