Grover has managed to raise the valuation of the company to more than $1 billion. The expert organization technology rental has raised $330 million in equity and debt financing.
The Series C funding round consists of $110 million in capital led by Energy Impact Partners, joined by, among others, Co-Investor Partners, Korelya Capital, Mirae Asset-LG Electronics New Growth Fund, as well as investors already existing Viola Fintech, Assurant and coparion; and $220 million in debt financing from Fasanara Capital. German Media Pool and SevenVentures, media investment funds, also joined the round.
With the new funding, Grover will accelerate his mission to democratize access to consumer technologytaking the circular economy of technological products to new countries and increasing the number of subscribers in the markets where it is already available: Germany, Austria, Spain, the Netherlands and the United States. After opening a branch in Miami in 2021, the United States has been and will continue to be a major focus for Grover this year. Likewise, the company has really ambitious market expansion plans, in which it is planned to hire more than 100 people to reinforce the team.
Michael Cassau, founder and CEO of Grover has stated: “With Grover we are building the world leader in subscriptions to consumer technology products. Technology rental is a major societal change across the globe, one that will transform the way we access and use technology to be more flexible and sustainable. We see that different players in the sector are preparing to join this new market segment, with extraordinary growth and profit opportunities ahead. We are proud to be the main pioneer in this new market of more than 100,000 million dollars. We will work very hard to build on our position as industry leaders and are delighted to welcome all of our new investors. Our common goal is to simplify access to consumer technology and bridge the technology gap for people around the world.”
hectic senior year
The last twelve months have been very significant for Grover. The German-born start-up arrived in the US, entered the world of integrated finance with the Grover card and saw its ARR (Annual Recurring Revenue) double since 2020. The company has more than 460 employees Today, with plans to continue increasing the team in all sectors.
Nazo Moosa, managing partner of Energy Impact Partners, highlights: “Grover has succeeded in pioneering the subscription economy for consumer technology products, a move that is hugely important as we build a world with net zero emissions. The intersection between consumption habits based on the linear economy of society and climate change is a major area of interest for EIP, which closed its last fund with a billion dollars last year. We believe Grover will reinvent society’s relationship with consumer technology, thereby allowing us to continue to use the products we need while minimizing harm to our planet. Our investment in Grover is part of a mission to help startups around the world with the ability to further transition to a more sustainable future scale, and we look forward to working closely with Grover as they move into this exciting new stage”.
As a pioneer in the market, Grover’s rapid growth is based on a strategy that capitalizes on the growing demand for affordable and sustainable consumer electronics. The subscription platform is accelerating a shift towards access instead of ownershipthus creating a circular economy for consumer technology and keeping e-waste out of landfills.
Grover products are returned, reconditioned and put back into circulation until the end of their useful life. On average, the product is in the hands of at least four different users over several years. The product that holds the record is a GoPro that has circulated a total of 27 times. The company currently has 500,000 items in its inventory, in which all kinds of technological products can be found.