Berlin-based consumer tech-subscription service Grover has raised €60 million in an oversubscribed Series B round.
The round was led by JMS Capital-Everglen and saw participation from Viola Fintech, Assurant Ventures, Augmentum Fintech, Circularity Capital, Seedcamp, Samsung Next, and a number of unnamed founders and angel investors. The €60 million is comprised of €45 million in equity from investors and €15 million in venture debt financing provided by Kreos Capital.
The funding is expected to propel market penetration, improve product innovation and accelerate international expansion, primarily into Spain and U.S. markets.
Founded in 2015 by Michael Cassau, Grover enables consumers to rent technology on a monthly basis as opposed to buying it. In addition to the convenience of the service, Grover doubles down on its offering by way of recirculating the tech, thereby providing a sustainable alternative to the traditional buy it, use it, throw it away, model.
Driven by a year when tech at home became a dominant factor in everyone’s lives, Grover experienced year-over-year growth of 2.5x and net revenues of €37 million for the fiscal year. Based on these figures, Grover reports that 4,000 metric tonnes of CO2 were saved due to device recirculation.
“Now more than ever, consumers value convenience, flexibility and sustainability when they shop for and use products. This is especially true when it comes to technology and all of the possibilities that it has to offer — whether that’s productivity, fun, or staying in touch with our loved ones,” comments Grover CEO and founder Michal Cassau. “We’re still just scratching the surface of a €1 trillion global market.”