BMW iVentures, the corporate venturing subsidiary of automaker BMW, led a $38m series C round yesterday for US-based used vehicle e-commerce platform Shift.
Goldman Sachs Investment Partners also took part in the round, as did venture capital firms DCM Ventures, DFJ and Highland Capital, and G2VP, the green technology-focused fund managed by VC firm Kleiner Perkins Caufield & Byers.
Shift operates an online platform where vehicles can be bought or sold, and seeks to distinguish itself from rivals through extensive customer service. Sellers can get their car appraised and collected, while buyers have the option to personally inspect and test drive cars pre-sale.
Proceeds from the round, which increased Shift’s overall funding to more than $110m, will support hiring, as the company looks to develop its technology and expand geographically.
DFJ and Highland Capital co-led a $23.8m series A round for Shift in 2014, before the company raised $50m in a series B led by Goldman Sachs Investment Partners and backed by DCM.
BMW iVentures partner Christian Noske has joined Shift’s board of directors, while DCM general partner Jason Krikorian and Brook Porter, a partner at G2VP, will take board observer seats.
Noske said: “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.
“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.”