• Grover

  Led · Series B · Apr 2021

  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.

No current team members are available.