Grover, a Berlin, Germany-based startup to rent tech products, raised €37M in Series A funding.
The round, which consists of €12m from equity investors and €25m in debt capital, was led by Circularity Capital, with participation from Coparion, Samsung NEXT and Varengold Bank as well as existing investors Commerzbank’s Main Incubator and June Fund.
The company intends to use the funds to to expand its market leadership in Germany, accelerate its international expansion, fund new products such as “Grover Mix,” a flat rate model which offers maximum flexibility for customers, and “Startups get Grover”, the newly created B2B offering.
Founded by Michael Cassau in 2015, Grover provides subscribers with a solution to rent consumer electronics products. Customers can get access to a multitude of technology products, including smartphones, laptops, VR gear, cameras, wearables and smart home appliances on getgrover.com or through its partner network, including MediaMarkt, Saturn, Gravis, Conrad and Tchibo, and a German-wide network of offline stores.
The service offers full flexibility allowing customers to use, switch, buy, or return products depending on their needs.
The company employs over 40 people from 17 nationalities in its Berlin HQ.