Participated · Equity · Jul 2024

Grover operates a subscription-based technology rental service that offers access to over 8,000 tech products, including smartphones, laptops, VR gear, wearables and smart home appliances. The company runs both consumer subscriptions and Grover Business, which handles tech procurement and management for companies. Rentals can be returned free of charge at the end of the rental period, or customers can extend the rental or exchange products. Grover’s service is available in Germany, Austria, the Netherlands and Spain and is distributed through its online/offline partner network, including MediaMarktSaturn. Founded in 2015 and led by CEO Linda Rubin, the company is focused on scaling its subscription and B2B offerings. The article notes Grover intends to use new funding to increase profitability and support further sustainable growth. Grover operates a consumer-tech subscription marketplace that lets users rent, switch, buy, keep, or return over 5,000 tech products on a monthly basis. The platform offers smartphones, laptops, VR gear, wearables and smart home appliances and had more than 800,000 items in circulation and over 1 million devices rented out as of July 2022. Led by CEO Michael Cassau, Grover is expanding its product inventory to grow in existing markets such as Germany, Spain, the Netherlands and Austria, and into new European markets. In 2022 the company expanded in the US, is accelerating its embedded finance strategy with the Grover Card, and plans to launch a new B2B software tool in the US, the Netherlands, Spain and Austria. Grover has added several high-profile board members, including Joanna Coles, Sarah McPhee, Lara Sweet and Colleen DeCourcy. The company has substantial debt financing history in Europe and the USA and is using new funding to expand inventory and market reach. Grover operates a subscription marketplace for consumer electronics, allowing users to rent phones, monitors, scooters and other gadgets instead of buying them outright. The company provides flexible rental terms (one to 18 months) and a one-year purchase option for €1, which about 10% of customers choose; power users may spend up to €60 per month. Grover has developed embedded-finance products such as the Grover Card (built with Solaris Bank) that offers 3% cash back and correlates with higher subscription uptake. Management plans to use new funding to expand device inventory, build more personalization and financial-services tools (including loyalty schemes), and deepen its presence in large markets such as the U.S. Grover reports half a million items available in its catalog, 2 million registered users and 250,000 active customers, and it said subscriptions and business doubled in the past year. The company is positioned around the circular-economy trend and competes with secondary-market players like Back Market. Grover operates a tech rental/subscription marketplace offering monthly subscriptions to over 3,000 new and used electronic products. The company says it has grown to more than 1 million registered users in Europe. It runs an asset-light model where devices are owned centrally and rented to subscribers. Grover launched its US business in September and reports the US operation has already surpassed subscriber targets. The company is using new financing to accelerate expansion of its US business. Recent financings include a large asset-backed facility and prior debt and equity funding to support scale-up. Grover is a Berlin-based subscription platform that lets consumers rent technology on a monthly basis and refurbishes devices to recirculate them. Founded in 2015 by Michael Cassau, the company aims to reduce e-waste through its refurbishing programme. Grover is projecting circulations to grow from 475,000 to 5 million by 2024 and reports year-over-year growth of 2.5x. For the fiscal year it recorded net revenues of €37 million. The company says device recirculation saved 4,000 metric tonnes of CO2 and spared 1,400 tonnes of e-waste from landfills. Grover plans to use new financing to accelerate growth and enter new markets.

Led · Equity · Jan 2024

TrusTrace offers a SaaS platform for supply chain traceability and compliance that helps brands and suppliers standardise how supply chain and material traceability data is captured, digitised and shared. The platform provides access to validated supply chain data to help brands identify, understand and improve the impact of their supply chain. Customers use the data for risk management, regulatory compliance, product claims and footprint calculations, and to share information about product origin and impact. Notable customers include adidas, Brooks Running, Tapestry and Asics among other apparel, footwear and luxury brands. The company plans to deepen product innovation, expand collaborations and strengthen its presence in key markets to accelerate global expansion, and intends to offer services to regional and mid-size brands in 2024. TrusTrace is led by CEO Shameek Ghosh. TrusTrace is a Stockholm-based SaaS provider that offers a platform for supply-chain transparency and product traceability across the fashion, food and retail industries. The platform, built on AI, blockchain and BOTS with an open architecture, integrates with retailer, manufacturer and supplier systems as well as third parties such as certification agencies and lifecycle dataset providers. TrusTrace serves more than 40 customers and tracks over 8,000 suppliers, 250,000 products and more than $12 billion worth of goods on its platform. The company’s customers include Fjällräven, Filippa K, Zalando, Decathlon and Coop. The new capital will be used to accelerate global expansion, expand product development and strengthen the team. Founded in 2016 and led by CEO Shameek Ghosh, TrusTrace positions itself to scale enterprise adoption of supply-chain transparency tools.

Led · Equity · Nov 2023

Matsmart-Motatos operates a D2C e-commerce platform that procures and resells overstock food and consumer products that traditional retailers cannot buy, aiming to reduce waste in the food supply chain. The company reports it has recirculated over 60,000 tonnes of food and consumer products since founding. Launched in Sweden in 2014, Matsmart-Motatos now operates in five markets: Sweden, Finland, Denmark, Germany and Austria, and is the leading food overstock retailer in the Nordics and the fastest-growing market participant in Germany. Financially, the company reported €80 million in revenue in 2022 and a current revenue run rate of €100 million, and it says it was the first European grocery e-commerce business to reach profitability in its home market. The business emphasizes environmental impact and affordability, positioning itself as a fast-growth impact company that helps FMCG suppliers offload surplus inventory. Planned use of new capital focuses on accelerating growth in the German and Nordic regions and expanding warehouse automation in Germany based on Nordic automation gains. Motatos operates an ecommerce marketplace that helps FMCG producers offload surplus inventory and sells that surplus food to consumers at steep discounts, reportedly saving customers up to 60% versus other supermarkets on major brands. Launched in Sweden in 2014, the company now operates in Sweden, Germany, the UK, Finland and Denmark and recently expanded into the UK. Motatos positions its service as a way to cut food waste in the value chain while providing sustainable, affordable options for cost-conscious consumers. The business is growing quickly in the Nordics and aims to accelerate expansion in key European markets. Leadership includes founder and CEO Karl Andersson alongside newly appointed Co-CEO Peter Beckius, with Karl focusing on external relations and Peter on developing the business and organization. Financially, the company has raised significant capital to date and is using new funding to scale operations and refine its customer offering across markets. Motatos operates an online marketplace that buys surplus food, grocery and household items that would otherwise be discarded and sells them to consumers at discounted prices. The company sources products affected by overproduction, seasonal trends, packaging errors and short expiry dates, and delivers directly to customers. Since founding, Motatos has saved over 25,000 tonnes of food and consumer products from being wasted. It currently operates in Sweden, Germany, Finland and Denmark and reports strong momentum growing its European customer base. Motatos plans to use the new funding to accelerate international expansion across Europe and to continue building its own By Motatos branded products. Leadership emphasizes the environmental impact goal of reducing food loss and related greenhouse-gas emissions alongside offering affordable pantry basics.

Led · Equity · Nov 2023

Matsmart buys surplus and at‑risk grocery and consumer goods from manufacturers and retailers and sells these products directly to consumers at discounted prices to prevent food waste. Founded in 2014, the company operates in Sweden, Finland and Denmark and has saved over 127,000 tonnes of food and consumer goods as of January 2026. In 2025 Matsmart reported revenue of about SEK 800 million and processed nearly 1.3 million orders, with management saying cash flow has improved and profitability is within reach. The company plans to use newly secured capital to strengthen its customer offering through a broader assortment and to concentrate resources on its strongest Nordic markets. Investors and management emphasize the combination of commercial performance and impact as central to the company’s strategy going forward.

Participated · Series C · Jun 2023

Winnow develops AI-enabled systems that recognise and record food waste at the point it is thrown away, capturing 100% of the waste stream and delivering analytics to identify where wastage occurs. Its tools enable kitchens to optimise operations, change behaviour, and reduce waste; customers average a 50% reduction in food waste and 2–8% cost savings. Winnow is deployed across more than 2,000 sites in over 70 countries and counts major hospitality brands among its users. The company is headquartered in London with offices in Singapore, Chicago, Dubai, and Cluj-Napoca, and is a Certified B Corporation. Winnow plans to expand further into Asia (notably Singapore, Japan, and Indonesia) and to continue enhancing its AI capabilities to bring greater profitability and sustainability to commercial kitchens. Winnow builds computer-vision and AI tools that identify wasted food items in real time and provide analytics to help kitchen teams pinpoint waste sources. Its solution is designed for the hospitality sector, where the company estimates more than $100 billion of food is wasted annually. Winnow says its analytics have helped clients cut waste in half by enabling operational improvements. The company reports its solutions have saved $174 million and reduced 217,000 tonnes of CO2e emissions worldwide, equivalent to nearly 50,000 cars off the road for a year. Winnow plans to use new funding to further develop and expand its AI capabilities and increase impact across its customer base. The product-focused approach pairs automated detection with actionable insights for operators to reduce costs and emissions. Winnow develops smart kitchen technology, notably its Winnow Vision product, which uses computer vision to automatically track discarded food. The company says Winnow Vision has reached and surpassed human levels of accuracy in identifying food waste. Winnow serves commercial hospitality clients including Ikea and the Armani Hotel in Dubai and aims to enable better inventory decisions by automatically capturing discard data. The startup reports that kitchens using its system typically see a 40–70% reduction in food waste within 6–12 months, driving food-cost savings of 2–8%. Financially, Winnow recently raised $12M in a Series B and secured an $8M loan from the European Investment Bank, adding $20M of capital in the last month. It plans to use the new funds to improve its technology and double down on product development, including hiring QA engineers and front-end developers, while noting its main costs are hardware and service delivery for each deployed unit. Winnow develops the Winnow Waste Monitor, a system of smart scales and a tablet app that lets kitchen staff log discarded food; data are uploaded to the cloud, analysed by Winnow’s algorithm, and shared to reduce waste. Launched in May 2013 and led by founder and CEO Marc Zornes, the company serves more than 600 commercial kitchens including IKEA, Compass Group and AccorHotels. Winnow says its customers collectively save about 4,300 tonnes of food waste annually and that customers typically cut food waste in half within 12 months, reducing food purchasing costs by 3–8%. To support this growth the company disclosed a further $7.4M in funding. The product targets both environmental impact and margin improvement for thin-margin hospitality operators by turning waste data into actionable insights. Winnow offers a set of smart scales that sit under kitchen bins and a tablet app that lets staff log discarded food; that data is uploaded to the cloud and analyzed by Winnow’s algorithm. The system delivers daily reports to chefs highlighting top areas of waste by value so they can adjust operations and reduce costs. Winnow says clients typically see a 30–60% uplift in food profitability by cutting food waste. The company launched in May 2013 and is London-based, and it reports working with over 200 kitchens, including Compass Group, Accor Hotels and River Cottage Canteens. Winnow recently opened an office in Singapore to serve the Asia–Pacific market. It raised a $3.3M Series A to further develop the product and support global expansion.