Online used car startup Shift Technologies has tacked on another $40 million in equity funding, hired a new COO with Amazon and Enjoy roots and scaled up its engineering staff — all in the past several months — as the company aims to double its revenue this year.
The recent activity, along with what executives have told TechCrunch is a diligent focus on unit economics, is all directed toward a larger objective to take the company public sometime in 2021.
Shift, which is based in San Francisco, serves car buyers and sellers. The company, founded in 2013, has built a software platform that lets customers shop for cars, get financing and schedule test drives. Car owners can use the platform to sell their vehicle, as well. Shift says any car it buys must pass a “rigorous” 150+ point inspection.
Shift generated $135 million in revenues in 2018. The company is projecting revenues between $220 million and $240 million in 2019, Shift co-CEO Toby Russell told TechCrunch.
An IPO is an aspirational goal, but one both Russell and founder George Arison believe is achievable. They both pointed to Carvana, an online used car company that went public in 2017.