Grover successfully concludes Series C fundraising
Circularity Capital-backed consumer-tech subscription platform, Grover, has raised $330 million in equity and debt funding. The series C round, which successfully completed earlier this week (7 April), consists of $110 million in equity funding and $220 million in debt financing.
With the ambition of becoming the global market leader in consumer-tech subscriptions, the new funding will be used to accelerate Grover’s international expansion strategy and grow subscribers in existing territories – including Germany, Austria, Spain, the Netherlands and the USA. Having opened a base in Miami last year, the company has ambitious plans for expansion in the US market and is resultingly looking to employ more than 100 team members in the region.
Michael Cassau, Founder and CEO of Grover, commented: “The tech rental movement is a major worldwide societal shift, one that will transform how we access and use technology to be more flexible and sustainable. We see players from all sides of the market getting ready to join this phenomenal new market segment with extraordinary growth and profit opportunities ahead.
“We are proud to be the leading pioneer in this new $100 billion+ market and will continue to work hard to leverage our frontrunner position. Our goal is to simplify access to consumer tech and to bridge the tech gap for people all around the world.”
Grover’s rapid growth is based on a strategy that capitalises on growing consumer demand for affordable and sustainable ways to use tech. The subscription platform is accelerating a shift towards access over ownership, a key part of the electronic industry’s transition towards a more circular economy and will ultimately realise a circular economy for consumer electronics – keeping e-waste out of landfill and valuable materials in circulation.
Grover’s products are returned, refurbished and recirculated until the end of their usable life. The average product will be enjoyed by at least four different users over several years. The company currently has 500,000 items in its inventory, covering the entire consumer electronics spectrum.
David Mowat, Partner at Circularity Capital, added: “We’ve been a proactive supporter of Grover’s growth since we first invested in the business back in 2018. Concluding this fundraising is a powerful proof point of the company’s success to date and the power of its flexible rental model in disrupting today’s linear ‘take-make-dispose’ model of tech ownership.”
The fundraise, which successfully completed on 7 April 2022, was led by Energy Impact Partners, who were joined by Korelya Capital, LG and Mirae Asset Group, Viola Fintech, Assurant and coparion. Debt financing was provided by Fasanara Capital.
For more information about Grover, or the company’s flexible subscription platform, visit www.grover.com/de-en.