It seems like the people over in Munich were dead serious when they announced that their BMW i Ventures branch will be investing heavily in new, promising companies. Yesterday we learned about the investment in GaN Systems and today we the Germans announced an investment in Shift, a San Francisco-based startup. The company combines technology and a team of car concierges to take the hassle and guesswork out of buying and selling pre-owned cars.
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You might’ve heard of it as its ads are pretty well known around social media and online in general. BMW i Ventures led a $37M Series C financing with participation from new major investors G2 Venture Capital and DCM Ventures, as well as continued participation from DFJ, Highland Capital, and Goldman Sachs Investment Partners. Christian Noske, a partner at BMW i Ventures, has joined the Shift Board of Directors.
Shift is rapidly becoming the millennial way to buy a pre-owned car – more than 50% of Shift’s customers and 70% of buyers who receive a loan on Shift’s platform are millennials. Thanks to strong engagement from millennials, Shift has become the leading pre-owned car seller in the entire Bay Area. By leveraging its in-house technology, Shift is able to provide the best experience and value for both buyers and sellers (free on-demand test drives, fully digital lending origination, on-site appraisals, trade-ins, and car pick-ups). Shift also manages the entire buying and selling process, ranging from routine inspections to detailing and DMV paperwork.
“We are interested in technology companies that challenge the status quo and build products that help improve transportation options for consumers,” said BMW i Ventures Partner Christian Noske. “Buying a car is one of the most expensive purchases most people ever make and BMW i Ventures is committed to making this experience not just good, but great. Shift’s proprietary technology, world-class team of engineers, and forward-thinking workforce will help the company to succeed in the used car market.”
“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,” said Shift Founder and CEO George Arison. “We are also honored to have DCM and G2VP join us with such significant participation in this round. Over the past two years, we have improved and adjusted our model with the same mission in mind: to provide customers with a better car buying experience by providing an unprecedented level of transparency and test drives delivered to their door. We could not ask for a better partners than BMW iVentures, G2VP, and DCM.”