Grover, a Berlin, Germany-based subscription technology rental platform, received an $11.7m (£8.9mn / €10mn) asset-backed debt financing.
Varengold Bank AG provided the financing, which is the extension of the original $4.7m (£3.5mn / $4mn) transaction signed in January 2017.
The company will use the funds to expand the business.
Led by Michael Cassau, founder and CEO, Grover enables consumers to rent technology gadgets via the online shop and offline stores (in Berlin) of consumer electronics retailer MediaMarkt. Through a subscription program with no hidden fees or contracts, the company grants unlimited access to the latest tech products, activating a necessary alternative to purchasing in the nothing-owned era.
Grover, backed by Global Founders Capital, Target Global and Commerzbank’s Main Incubator, is currently preparing its Series A equity financing.