Circularity Capital supports Grover’s €60m Series B fundraise

Circularity Capital LLP has announced a follow-on investment in consumer technology subscriptions expert Grover. Coming as part of the company’s €60m Series B funding round, the commitment will support Grover in its ambitions of tripling subscriptions before the end of the year and driving an industry shift toward a more circular approach to consumer electronics.

The fundraise follows a strong year of growth in 2020, which saw the business grow by 2.5x. Since Circularity Capital’s initial investment in June 2018, Grover has reported a >10x hike in both active subscribers and Annualised Subscription Value (€67m per annum). The company was recently announced as Europe’s second fastest-growing eCommerce business (2016-2019) in the ‘FT 100 – Europe’s Fastest Growing Companies 2021’ special report.

Renowned for its flexible subscription platform, Grover enables consumers and businesses to rent the latest technology on a monthly basis, providing far more flexibility than an outright purchase or financing plan. By recirculating products across multiple rental cycles, Grover’s model offers a sustainable and truly pioneering alternative to conventional linear consumption.

Michael Cassau, CEO and founder of Grover, commented: “Now more than ever, consumers value convenience, flexibility and sustainability when they use products. This is especially true when it comes to technology. Circularity Capital has been a supportive partner in our growth to date and the team’s follow on investment in this fundraising will allow us to bring our solution to even more people across the world and create an unparalleled customer experience for our subscribers”.

David Mowat, Partner at Circularity Capital, added: “We believe in the ability for Grover’s ‘access over ownership’ business model to disrupt take-make-dispose models of production and consumption, thus accelerating the transition to a circular economy. This round of fundraising plays an important role in positioning the business for future growth and we’re looking forward to continuing to support Grover in its international expansion.

The fundraise, which successfully completed on 8 April 2021, secured capital from a number of new investors including JMS Capital-Everglen, Assurant, Viola Fintech and LGT, as well as existing investors coparion, Augmentum Fintech, Circularity Capital, Samsung Next and Seedcamp.

For more information about Grover, or the company’s flexible subscription platform, visit www.grover.com/de-en.