Berlin, 22.09.2020 – Berlin-based tech subscription company Grover announces today that it has surpassed €50M in Annual Recurring Revenue*, an increase of more than 120% over the previous year, with the company experiencing its strongest month of subscriber acquisition in its history in March 2020 — amidst the COVID-19 lockdowns. It is the first time the company has published revenue figures. To mark the revenue milestone, Grover has released a report providing insights into its substantial growth in 2020, its customer base, as well as emerging consumer trends in technology use and access. The report paints a unique picture of the advantages of flexible access to consumer tech in our ever-changing reality.
“This year has drastically changed how people interact, work, learn, and how they spend their money. Access-over-ownership has never been more relevant than today,” says Michael Cassau, CEO & Founder of Grover. “Technology has gained even greater significance in people’s lives, keeping them connected, productive and entertained. The high demand for our subscriptions in the past months reaffirms that Grover’s product-as-a-service model for consumer tech delivers sustained value to consumers, especially in a time when unpredictability favors flexible access over long-term commitment. We are uniquely positioned to deliver on consumers’ changing demands, not only giving them access to the tech products they need at a manageable price point, but also the flexibility to stop paying for those products when they no longer need them. This is one of the key reasons why we’ve seen this recent growth. And we expect to continue on this trajectory.”
Grover’s 2020 Growth Report illustrates the stability of its subscription business model — a model shown to be resilient during challenging times in a recent study by Zuora, which found that most subscription companies are still growing despite the economic impact of the pandemic. A few highlights from the Growth Report include:
Growth momentum and revenue:
- Grover surpasses €50M in Annual Recurring Revenue in Sept 2020
- Over 100,000 subscriptions currently active on Grover.com
- 2.5x Year-on-Year growth in devices rented
The role of consumer technology during the pandemic:
- March 2020 is the strongest month for subscriber acquisition in Grover’s history
- Interest in gaming and home office tech, as well as tech to stay connected, skyrockets between February and March, with +132% growth in acquired laptop subscriptions from business customers and +134% growth in acquired Gaming & VR subscriptions
Committed customers and growing acceptance:
- 1 in 2 Germans is interested in tech rentals, and many are more likely to rent tech than buy it outright or finance it long-term
- Grover subscribers predominantly choose 12-month plans
- Grover’s broad customer base reflects German average demographics
Please find the full report here.
*The value of gross monthly recurring revenue from active subscriptions, annualized to a one year period.
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About Grover
Grover is Europe’s market leader in technology rentals, enabling people to subscribe to tech products monthly instead of buying them. Founded in 2015 by Michael Cassau, Grover’s mission is to create the most innovative ways for everyone – both private customers and businesses – to get the tech they want.
With Grover, subscribers get access to a wide range of over 3,000 tech products, including smartphones, laptops, virtual reality (VR) gear, and wearables on a flexible monthly rental basis. Grover’s service allows its users to keep, switch, buy, or return products depending on their individual needs and budget. Rentals are available in Germany, Austria, and the Netherlands on GROVER.COM, as well as – in Germany – through Grover’s online and offline partner network, including Europe’s leading electronics retail group, MediaMarktSaturn.
Grover is a pioneer in the advancement of the Circular Economy. Its business model of renting out tech products to several users across their life cycle allows maximum value to be extracted from each product and reduces e-waste. In total, Grover has recirculated nearly 150,000 devices.
With a total financing volume of almost €350 million to date, and over 160 employees, Grover is one of Germany’s best-funded scale-ups.
With Grover, subscribers get access to a wide range of over 3,000 tech products, including smartphones, laptops, virtual reality (VR) gear, and wearables on a flexible monthly rental basis. Grover’s service allows its users to keep, switch, buy, or return products depending on their individual needs and budget. Rentals are available in Germany, Austria, and the Netherlands on GROVER.COM, as well as – in Germany – through Grover’s online and offline partner network, including Europe’s leading electronics retail group, MediaMarktSaturn.
Grover is a pioneer in the advancement of the Circular Economy. Its business model of renting out tech products to several users across their life cycle allows maximum value to be extracted from each product and reduces e-waste. In total, Grover has recirculated nearly 150,000 devices.
With a total financing volume of almost €350 million to date, and over 160 employees, Grover is one of Germany’s best-funded scale-ups.
For more information, visit GROVER.COM.
Press contact Grover
Grover Group GmbH
Elisa Nenning
E: elisa@grover.com
Grover Group GmbH
Elisa Nenning
E: elisa@grover.com
