San Francisco based online marketplace for used car sales, Shift, raised a $50m Series B financing round, led by Goldman Sachs Investment Partners. Shift is joining the growing competition of used car marketplaces. It uses data and algorithms to guarantee minimum pricing, and has its own easy-to-reach warehouse storage space.
As the competition stiffens, Shift plans on using its new funding to expand to new cities—Arison says it will be in 20 by the end of 2016—and will soon implement in-house financing services for its buyers. Currently, Shift connects them with third-party financing partners. Goldman Sachs Investment Partners led this latest round in Shift, with existing investors DCM, DFJ, and Highland Capital also participating. This brings Shift’s total funding to $73.8 million. Arison co-founded the company in 2014 with Christian Ohler, Morgan Knutson, Joel Washington, and Minnie Ingersoll.