This morning, Shift, a used car marketplace with not one, but two offices in the L.A. area, announced it closed a $38 million Series C.
The company plans to use the new funding to expand into new markets, as well as grow its team and product.
The company's platform is live in the Bay Area, all of L.A. County, Orange County and San Diego, allowing users in the regions to buy and sell used cars at will. The platform offers sellers the real market value of their cars in less than two minutes, and Shift facilitates everything, including listings, test drives and the paperwork.
The round was led by BMW’s venture capital arm, iVentures, with participation from DFJ, Highland Capital, DCM Ventures, G2VP and Goldman Sachs Investment Partners.
“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," Christian Noske, a partner at BMW iVentures, told Venture Beat. "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.”
Images via Shutterstock.
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