Shift runs a software platform where buyers can shop, get financing and schedule test drives while owners can sell their vehicles; cars Shift buys must pass a 150+ point inspection. The company emphasizes a frictionless, technology-enabled customer experience and says it focuses diligently on unit economics. Shift generated $135 million in revenue in 2018 and projected $220–$240 million for 2019, with an aim to double revenue this year. Leadership has an IPO target sometime in 2021 and cites Carvana as a public benchmark for revenue at IPO. To support growth it has been investing in its technology platform and scaling engineering headcount (from 35 toward more than 80 by end of 2019); as of early April it employed 54 engineers and 450 total employees. Shift also hired a new COO, Sean Foy, to help grow operations and customer experience. Shift pairs a technology-first approach with customer service to build a marketplace to buy, own, and sell used cars. The company operates a peer-to-peer model where car enthusiasts act as full-service concierges, handling detailing, multi-site listings, inquiries, test drives and delivery to buyers' homes. All Shift cars pass a 200-point inspection and come with a seven-day money-back guarantee. Shift currently operates in the San Francisco Bay Area and the Los Angeles and San Diego regions and maintains an engineering hub in Washington, DC. Led by founder and CEO George Arison, the company intends to use new capital to invest in additional technology, grow its team, and enter new markets. Financially, Shift has raised more than $110m in total funding, most recently completing a Series C in 2017. Shift offers an end-to-end car concierge service that delivers free on-demand test drives and on-site appraisals and manages the complete transaction process. Led by co-founder and CEO George Arison, the company coordinates transactions for buyers and sellers through its marketplace. Shift recently launched its second market in Los Angeles and is expected to be operating in over 20 markets by the end of 2016. The company raised a $50M Series B to support expansion. Shift said it will use the funds to grow its team and enter new markets. The company previously raised a $23.8M Series A led by DFJ and Highland Capital. Shift operates a technology platform and services layer that enables users to buy or sell used cars by phone. It leverages "Car Enthusiasts" who pick up cars from sellers, take test drives for buyers, and handle transaction logistics. The service is present in San Francisco and Los Angeles. Shift was founded in 2013 by George Arison (CEO), Joel Washington (CMO), Christian Ohler (CTO), Minnie Ingersoll (COO) and Morgan Knutson (Head of product design). The company secured $23.75M in Series A financing. Shift says it will use the funds to continue expanding operations.

Total raised

$152M

Funding rounds

4

Latest round

Equity

Latest activity

Apr 2019