Shift Technologies Inc. raised $38 million in Series C funding led by BMW iVentures, the company announced today.
“We are interested in technology companies that challenge the status quo and build products that help improve transportation options for consumers,” BMW iVentures Partner Christian Noske said in a press release. “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.”
More than 50% of Shift’s customers and 70% of buyers who receive a loan are between the ages of 18 to 35, according to the press release. Shift is eager to expand the availability of its technology — such as free on-demand test drives, fully digital lending origination, on-site appraisals, trade-ins, and car pick-ups — to cater for the millennial consumers in the mobility finance industry.
Back in March, Shift expanded its reach in San Diego, bringing total operating locations to six cities. Shift operates in San Diego; Los Angeles; Sacramento; Orange County, Calif.; San Francisco; and Washington, D.C. The company has a road map of other expansions planned for this year.
Separately, Shift is eyeing opportunities for a “virtual leasing” product, which would allow consumers to more frequently swap out their vehicle, the company told Auto Finance News back in April.
With this latest round of funding, Shift will focus on investing in additional technology, growing its team, and entering new markets. Shift has raised more than $110 million in total funding, with $23 million in its Series A round and $50 million in Series B financing, according to the press release.
