Grover, an electronics rental marketplace, has secured $11.7 million in asset-backed debt funding from Varengold Bank.

The Berlin-based company runs a subscription service for users to rent consumer electronics through its partnership with German chain store MediaMarkt.

According to the company, its subscription numbers have grown eight-fold over the last year. The new funding will be used to further grow the business and expand the number of products available for renting, said Michael Cassau, CEO.

“The overall goal is to continue to meet the demand we’re seeing by investing in products and expanding the number and depth of partner relationships. We have a portfolio of more than 1,000 products adding new products all the time when the latest tech comes out,” he said.

“Although this is a relatively large facility for a company of Grover’s size, it’s strong unit economics and thorough risk management have given us comfort to increase the funding,” added Lukas Diehl, head of marketplace banking at Varengold Bank.

Grover will soon look to raise a Series A round of equity funding and recently appointed Thomas Antonioli, formerly of Kreditech, as its new CFO.

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