Total amount raised
$14 Million
Latest funding date
12/1/2013
Location
Shift has successfully raised funding over 11 rounds, with the latest being a Post-IPO Debt round. The company is backed by 28 investors, including notable names like SoftBank Group and ArrowMark Partners.
Shift's journey in the online marketplace for buying and selling used cars has been marked by significant financial milestones and strategic acquisitions. Keep reading to explore the intricacies of Shift's fundraising journey and the investors backing this innovative platform.
What Is Shift?
Shift is an online marketplace for buying and selling used cars, headquartered in San Francisco, California. The company operates within the automotive, e-commerce, logistics, marketplace, and retail technology industries.
With an employee count ranging from 251 to 500, Shift has made significant strides in the used car market. Although the company is now closed and delisted, it had raised funding over 11 rounds and made three acquisitions, including Carlotz.
How Much Funding Has Shift Raised?
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: May 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial platform.
- Series A
- Amount Raised: USD 24,000,000
- Date: November 2014
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's market reach and enhance its technology platform.
- Series B
- Amount Raised: USD 50,000,000
- Date: September 2015
- Lead Investors: Goldman Sachs Investment Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and increase inventory.
- Series C
- Amount Raised: USD 38,000,000
- Date: July 2017
- Lead Investors: BMW i Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the technology platform and expand market presence.
- Series C
- Amount Raised: Not publicly disclosed
- Date: May 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling the business and enhance customer experience.
- Debt Financing
- Amount Raised: USD 70,000,000
- Date: September 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support operational costs and expand inventory.
- Series D
- Amount Raised: USD 71,000,000
- Date: September 2018
- Lead Investors: Lithia & Driveway
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in technology and expand engineering staff.
- Series D
- Amount Raised: USD 40,000,000
- Date: April 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhance the technology platform.
- Post-IPO Equity
- Amount Raised: USD 185,000,000
- Date: October 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth post-IPO and expand market reach.
- Post-IPO Debt
- Amount Raised: USD 20,000,000
- Date: March 2022
- Lead Investors: SoftBank Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To manage debt and support ongoing operations.
Total Amount Raised: USD 498,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- SoftBank Group
- Details: SoftBank Group is a Japanese multinational conglomerate holding company headquartered in Tokyo. It is known for its investments in technology, telecommunications, and internet services.
- Investment Focus Areas: Technology, telecommunications, internet services, AI, robotics, IoT, clean energy technology.
- Notable Investments: Alibaba, Uber, WeWork.
- ArrowMark Partners
- Details: ArrowMark Partners is an investment management firm based in Denver, Colorado. The firm specializes in public and private equity, fixed income, and alternative investments.
- Investment Focus Areas: Public and private equity, fixed income, alternative investments.
- Notable Investments: Not publicly disclosed.
- Lithia Motors
- Details: Lithia Motors is one of the largest automotive retailers in the United States, headquartered in Medford, Oregon. The company operates through a network of dealerships across the country.
- Investment Focus Areas: Automotive retail.
- Notable Investments: Primarily involved in automotive retail and services.
- BMW iVentures
- Details: BMW iVentures is the venture capital arm of BMW Group, focusing on investments in innovative and high-growth companies. The firm is based in Mountain View, California.
- Investment Focus Areas: Mobility services, automotive technology, digital services.
- Notable Investments: ChargePoint, RideCell, Nauto.
- Goldman Sachs Investment Partners
- Details: Goldman Sachs Investment Partners is a division of Goldman Sachs, a leading global investment banking, securities, and investment management firm. The division focuses on a broad range of sectors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Uber, Spotify, Pinterest.
What's Next for Shift?
Shift's future holds significant opportunities, particularly in expanding beyond California and investing in its technology platform. With a recent $140 million funding round, the company is well-positioned to scale its operations and enhance its engineering team. This expansion could attract additional investors, providing further financial support for growth.
However, Shift will face challenges such as competition from other online used car marketplaces and traditional retailers. Logistics complexities in buying, refurbishing, and selling cars online also pose potential hurdles. Despite these challenges, the company's focus on technology and market expansion offers a promising path forward.
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