Circularity Capital support's Grover's €41m pre-Series B fundraising
On 1 October, Berlin-based tech rental start-up Grover announced that it had completed a new €41m financing round.
The round comprises €11m from equity investors and a further €30m in debt capital. The equity portion of the funding was led by Augmentum Fintech, which invested €6m in Grover.
The equity funding was also supported by existing investors Circularity Capital, Coparion, Samsung Next and the strategic early-stage investment arm of Commerzbank Group. The debt portion of the funding is a €30m addition to an existing debt facility with Varnegold Bank, one of Germany’s major banking partners.
The funding will be used to further expand Grover’s market leadership in consumer electronics flexible rental, while further accelerating international expansion.