Grover raises €60 million
Grover, “Europe’s market leader in consumer tech subscriptions,” has secured €60 million in an “oversubscribed” Series B round. The round is made up of €45 million from equity investors and €15 million in venture debt financing. Investors in the round are a combination of existing and new investors. New investors in the round were led by Jonathan Schneider at private equity firm JMS Capital-Everglen, with participations from Viola Fintech, Assurant, as well as a number of founders and angel investors from Europe and North America. Existing investors coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next also invested in the round, amongst others. The €15 million venture debt portion of the round was issued by European growth debt provider Kreos Capital.
Founded in 2015, Grover enables people and businesses to rent items such as MacBooks, iPhones, drones, and game consoles. The company experienced record demand in 2020, closing out the year with 2.5x year-over-year growth, net revenues of €37 million for the fiscal year, and over 4,000 metric tons of CO2 saved thanks to device recirculation. 2020 also saw the company achieve €60 million in annual recurring revenue and become profitable on EBITDA-level for the first time.
Grover plans to further scale up its core markets – Germany, Austria, and the Netherlands – and roll out its service in new markets, including Spain and the US. It also plans on expanding its product portfolio and introducing flat-rate tech subscriptions, an “embedded financial service” and an enhanced business customer offering.
“Now more than ever, consumers value convenience, flexibility and sustainability when they shop for and use products. This is especially true when it comes to technology and all of the possibilities that it has to offer — whether that’s productivity, fun, or staying in touch with our loved ones. The fresh funding allows us to bring these possibilities to even more people across the world. It enables us to double down on creating an unparalleled customer experience for our subscribers, and to push the boundaries of the most innovative ways for people and businesses to access and enjoy technology. The strong support from our investors confirms not only the important value our service brings to people, but also Grover’s vast growth potential. We’re still just scratching the surface of a €1 trillion global market.” – Michael Cassau, CEO and founder of Grover.