Grover raises $330 million

Berlin-based Grover, an online platform for renting tech products through monthly subscriptions, announced it raised $330 million in new debt and equity funding.

The financing includes $110 million in a Series C equity round led by Energy Impact Partners, along with $220 million in debt financing from Fasanara Capital. Additional Series C investors include Co-Investor Partners, Korelya Capital, LG, Mirae Asset Group, Viola Fintech, Assurant, and coparion. The round values Grover at over $1 billion.

Founded in 2015, Grover enables people and businesses to rent items such as MacBooks, iPhones, drones, and game consoles. In addition to devices, the company offers Grover Care, a program which covers 90% of the repair or replacement costs for damages of any kind.

“We believe Grover will reinvent society’s relationship with consumer tech, and as a result allow us to continue using the products we need while minimizing harm to our planet. Our investment in Grover is part of a mission to help scale start-ups from all over the world who have the ability to advance the transition to a more sustainable future, and we look forward to working closely with Grover as they move into this next exciting phase.” – Energy Impact Partners’ Nazo Moosa.