Home Shift Technologies to invest $20 million in first East Coast operation

Shift Technologies to invest $20 million in first East Coast operation


economic-forecast-headerSan Francisco-based Shift Technologies will invest $20 million to establish its first East Coast operation in Arlington County. The project will create 100 new, high-tech jobs and is a direct result of the Governor’s meeting with company officials in California during his West Coast marketing mission in September 2015.

Speaking about the announcement, Governor McAuliffe said, “The recruitment of companies like Shift to Virginia is at the very heart of our work to diversify and build a new Virginia economy. As we work to offset the impact of federal budget cuts in Northern Virginia, high-tech companies like Shift are recognizing the enormous technological, workforce and quality-of-life assets this region has to offer. I am proud to welcome Shift to Virginia, and I look forward to watching the company grow. I am confident that this announcement will help us attract more Silicon Valley startups to create jobs and economic activity here in the Commonwealth.”

“Shift’s significant investment to establish an East Coast operation in Arlington County and create well-paying jobs is a big win for both the region and the Commonwealth,” said Secretary of Commerce and Trade Maurice Jones.  “Virginia continues to win these projects as a result of our outstanding workforce, infrastructure and great quality of life.  We are thrilled to welcome Shift to Virginia.”

Shift Technologies Inc. is a startup that is changing the experience of buying and selling cars. The company, which was started by former Googlers, has created a new peer-to-peer marketplace that uses technology to connect car buyers and sellers. Since June 2014, Shift sales have grown 70-fold. The company has raised more than $73.8 million in total funding, with $23.8 million in its Series A round, led by DFJ and Highland Capital, and $50 million in Series B financing, led by Goldman Sachs Investment Partners.

“We are excited to expand Shift’s technology operations to Virginia and look forward to having access to the Commonwealth’s high-skilled workforce,” said Toby Russell, Shift’s Head of Business and Product and the lead company executive in the state. “Virginia is known for being one of the best states to do business, and we experienced this first-hand when Governor McAuliffe visited our office in San Francisco to outline why this investment made sense for our company. We’ve hit the ground running and are in the process of hiring software engineers who are passionate about using technology to empower consumers.”

The Virginia Economic Development Partnership worked with Arlington County to secure the project for Virginia. Funding and services to support the company’s employee training activities will be provided through the Virginia Jobs Investment Program.

“Shift represents the type of technology companies we know can thrive in Arlington,” said Arlington County Board Chair Libby Garvey. “Arlington’s robust millennial workforce and opportunities for tech companies were the catalysts that brought Shift to Arlington’s Crystal City neighborhood, and we couldn’t be prouder to welcome such an exciting company into our community as we work to diversify and grow Arlington’s economy.”

“I am pleased to welcome Shift Technologies to Arlington,” said Delegate Rip Sullivan. “Shift will thrive here, particularly given Arlington’s highly educated, tech-savvy workforce. And thanks and congratulations to Governor McAuliffe, who continues to do a fabulous job bringing high-tech jobs to Virginia as part of his effort to shape the new Virginia economy. I look forward to officially welcoming Shift Technologies to Arlington in the near future.”

“Shift Technologies will not just provide good high-tech jobs to Northern Virginians and boost our economy, but also offer an important consumer-friendly service,” said Senator Adam Ebbin. “Technology companies like Shift will comprise a key part of Virginia’s future and will join other regional high-tech leaders, building a critical mass that will attract even more economic development to Arlington.”



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