Tech subscription platform Grover secures another $250 million in funding to scale its US business

Grover, the European tech rental platform, said today that it has inked a $250 million asset-backed facility with London-based Fasanara Capital, which just last week also provided a €100 million loan to Lenderwize.

The financing, which comes only a few months after Grover secured $1 billion in debt and equity funding, is meant to allow the tech subscription startup to accelerate growth for its US business, which has surpassed its subscriber targets since launching in September this year.

A method of funding for subscription-based businesses to remain ‘asset-light’, Fasanara’s facility is provided via a special purpose entity that will acquire and own the devices Grover customers subscribe to.

The German scale-up says it has grown its user base to more than 1 million registered users in Europe, who can sign up for monthly subscriptions to over 3,000 new and used electronics products, and that its US business is picking up.

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