The e-commerce industry witnessed a new angle with the incorporation of Shift, an online car retailer. On Wednesday morning, the company announced that it had completed funding through its Series C round and raised a whopping $38 million. This round was led by BMW’s iVentures. Other participants were new investors DCM Ventures and G2VP, and previous investors DFJ, Highland Capital and Goldman Sachs Investment Partners.
As part of the deal, BMW iVentures partner Christian Noske is now on Shift’s board of directors, with DCM’s Jason Krikorian and G2VP’s Brook Porter joining as board observers.
“We are interested in technology companies that challenge the status quo and build products that help improve transportation options for consumers. Buying a car is one of the most expensive purchases most people ever make and we appreciate that Shift is committed to making this experience not just good, but great. It is obvious that with Shift’s proprietary technology, world-class team of engineers and forward-thinking workforce, the company is set to become a leader in the used-car market,” said Noske.
The company said over half of its customers are between ages 18 and 35. Nearly three-fourths of those using the loan piece of the platform fall into that age group. The money raised through this round will be used to expand geographically.
“What the dealerships haven’t been able to do is figure out how to sell cars to young people. BMW is, without a doubt, one of the most iconic car brands in the world, which truly makes this a pinch-me moment for the entire Shift team. We are also honored to have DCM and G2VP join us with such significant participation in this round,” says George Arison, the chief executive of Shift.
With this round, the company has cumulatively raised $110 million.
Megha Shah for TechFunnel.com