Shift Technologies Announces Additional $40 Million In Funding, Bringing Series D Funding For The Startup To $180 Million
There are certain things in life that just aren’t a pleasant process. Working with your internet or television provider, for example, is something that everyone must endure at some point in order to reach their end goal of having lightning-fast Wi-Fi that enables us to do all of our daily online activities. Prior to the launch of the revolutionary startup, Shift Technologies, buying a used car was one of those inevitably unpleasant processes. Visiting dealership after dealership to look for a used car, all the while dealing with high-pressure sales tactics and questions about car quality, is no one’s idea of how they would like to spend a Saturday.
Shift Technologies utilizes a new technology platform to completely modernized and streamlined the process of buying or selling a used car. The startup recently announced that less than a year after raking in $140 million in a Series D funding round, they have just tacked on an additional $40 million in funding, bringing the total Series D funding to $180 million. Buying or selling a used car is a process that many of us choose to go through for financial reasons. Shift’s platform is making the process a breeze with its online marketplace for used cars.
The announcement by Shift also showcased the company’s success, revealing $135 million in revenue generated in 2018 alone and a projected $220-$240 million in 2019. According to the news announcement, Shift’s long-term goal is an eventual IPO. Shift’s founder, George Arison, and the company’s co-CEO, Toby Russell, both agree that although an IPO is an aspirational goal for the company, it is certainly one they feel is achievable.
Shift Announces New COO
The big news for Shift continued with the announcement of a new COO and the expansion of the company’s team of engineers that will work to continue scaling up the company’s technology platform. Sean Foy joins Shift as the company’s new COO, coming from working as an operations director for Amazon Devices, Echo, Kindle, and Fire. Shift plans to leverage Foy’s extensive experience to grow the company, scale the technology platform and continually improve the customer experience.
What Sets Shift Technologies Apart
Shift’s online marketplace has modernized the process of buying and selling a used car. The startup was founded around using the power of technology to truly help people have a positive experience buying or selling a used car. Shift offers a 150+-point inspection of every single car as well as a 5-day money back guarantee, something that is exceptionally rare when it comes to buying a used car. The company’s biggest differentiator from its biggest competitor, Carvana, is the test-drive process, with Shift team members bringing the car right to you for a test drive at your convenience. Shift bases its entire company philosophy on three core principles: convenience, value and trust. Everything that Shift does is completely customer-centric, setting it far apart from any used car buying experience you may have had in the past.
