BMW has invested in Shift Technologies, an online marketplace for used cars, as part of a $37 million financing round. The funding was led by BMW's venture capital arm BMW iVentures, and partner Christian Noske has joined the startup's board. BMW is interested in technology companies that "challenge the status quo and build products that help improve transportation options for consumers,” Noske said in a statement explaining the investment. DCM Ventures and G2VP, a fund spun off from Kleiner Perkins Caufield & Byers also participated in the funding of Shift Technologies as did existing investors DFJ, Highland Capital, and Goldman Sachs Investment Partners.
Goldman Sachs is one of the Biggest Startup Backers on Wall Street
Goldman recently led a round for Shift, which is disrupting the clunky online auto-sales marketplace. Lately, plenty of capital has been flowing into the online auto-sales arena for several reasons. One reason is that the space is ripe for disruption, in part owed to the difficulty of getting all the way through a car purchase.
Shift Raises $50M to Make Selling your Old Car a Less Terrible Experience
Shift Technologies, an online marketplace for used cars in San Francisco and Los Angeles, said on Tuesday it has raised $50 million in new funding. The San Francisco-based company is operating in an increasingly crowded market, with competitors like Beepi, Carvana, Vroom, and Carlypso, among others, vying for the same business.
Shift Technologies Revs Up Online Car Marketplace with $50M from Goldman Sachs
In recent years, companies have emerged to let you rent your apartment, find a taxi or order dinner with the click of a button. As the on-demand economy evolves, Shift Technologies is hoping that consumers will be comfortable with buying and selling cars over the web with similar ease. On Tuesday, San Francisco-based Shift, one of a handful of startups hoping to make the process of buying and selling used cars easier by using online technology, announced it had raised $50 million in a round led by Goldman Sachs Investment Partners. The company declined to disclose a valuation for the investment, but noted that it had raised nearly $75 million since its launch less than two years ago.
On-Demand Used Car Buying and Selling Comes to L.A.
The on-demand economy has, with a few taps on an app, brought everything from lunches to laundry to our doorsteps. Now it wants to bring us something a lot bigger: used cars. Bay Area start-up Shift recently rolled out its on-demand car buying and selling service in Los Angeles, providing what it calls the “full end-to-end experience” of buying or selling a used car -- from your desktop or phone. At its core, it’s like Craigslist, but a slew of features brings it closer to on-demand counterparts like grocery delivery service Instacart and postal service Shyp.
Shift Technologies Raises $23.8 Million to Build Used Car Marketplace
Investors have put more than $23 million into Shift Technologies Inc., a used car marketplace that is racing Beepi Inc. and others to disrupt the multibillion-dollar sector. Founded less than a year ago, Shift co-founders see the same market opportunity that prompted Sherpa Ventures and other Beepi investors to plow $60 million into that startup last month. The premise is that used car shopping–be it via dealerships or direct to sellers–is unpleasant, inefficient and woefully in need of a technological overhaul. “It’s a huge market that we see the ability to rethink and rebuild,” said Draper Fisher Jurvetson Partner Emily Melton, who co-led the company’s Series A round. Ms. Melton said she was most excited about the large opportunity Shift is attacking, which she compared to previous DFJ investments like Redfin for home buying and SpaceX for space travel.