Grover, a Berlin, Germany-based provider of consumer tech subscription solutions, secured €60m in Series B funding.
The round was made up of €45m from equity investors and €15m in venture debt financing. New investors in the round were led by Jonathan Schneider at private equity firm JMS Capital-Everglen, with participation from Viola Fintech, Assurant Ventures, as well as a number of founders and angel investors from Europe and North America. Existing investors coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next also invested in the round, amongst others. The €15m venture debt portion of the round was issued by Kreos Capital.
The company intends to use the funds to increase market penetration, advance product innovation and accelerate international expansion.Led by Michael Cassau, CEO and Founder, Grover is a provider of technology rentals, enabling people to subscribe to tech products monthly instead of buying them. With it, subscribers get access to a wide range of over 3,000 tech products, including smartphones, laptops, virtual reality (VR) gear, and wearables on a flexible monthly rental basis. Grover’s service allows its users to keep, switch, buy, or return products depending on their individual needs and budget. Rentals are available in Germany, Austria, and the Netherlands on grover.com, as well as – in Germany – through Grover’s online and offline partner network, including Europe’s leading electronics retail group, MediaMarktSaturn. The company experienced record demand in 2020, closing out the year with 2.5x year-over-year growth, net revenues of €37 million for the fiscal year, and over 4,000 metric tons of CO2 saved thanks to device recirculation. 2020 also saw the company achieve €60 million in annual recurring revenue and become profitable on EBITDA-level for the first time. Grover has raised almost €350 million to date, and has over 160 employees.