Grover hits unicorn valuation of over $1bn, on its way to become global market leader in consumer-tech subscription

07 April 2022

· $110 million equity and $220 million in debt funding, valuing the company at over one billion US Dollars

· Funds will be used to accelerate international expansion of Grover’s circular electronics subscription service

· Round led by Energy Impact Partners.

Berlin, 7 April 2022 Grover, the leading consumer-tech subscription platform, has raised $330 million in equity and debt funding, bringing the company’s valuation to over one billion US dollars. The series C round consists of $110 million in equity led by Energy Impact Partners, who were joined amongst others by Co-Investor Partners, Korelya Capital, Mirae Asset-LG Electronics New Growth Fund, as well as existing investors Viola Fintech, Assurant and coparion, and $220 million in debt financing from Fasanara Capital. Media funds German Media Pool and SevenVentures also joined the round.

With the new funding, Grover will accelerate its mission to democratize access to consumer tech, bringing the circular economy for electronics to new countries, and growing subscribers in existing markets - Germany, Austria, Spain, the Netherlands and the USA. Having opened a base in Miami in 2021, the US is an important focus for Grover this year. The company has ambitious plans to expand in the market, and as a first step will hire over 100 people to join the team.

Michael Cassau, Grover’s Founder and CEO: “With Grover we are building the global leader in consumer-tech subscriptions. The tech rental movement is a major worldwide societal shift, one that will transform how we access and use technology to be more flexible and sustainable. We see players from all sides of the market getting ready to join this phenomenal new market segment with extraordinary growth and profit opportunities ahead. We are proud to be the leading pioneer in this new $100 billion+ market. We will work very hard to leverage our frontrunner position and are excited to welcome all our new investors. Our joint goal is to simplify access to consumer tech and to bridge the tech gap for people all around the world.”

The last twelve months were remarkable for Grover. The German-born start-up launched in the US entered the embedded finance world with the Grover Card, and saw ARR more than double from 2020. The company has over 450 employees today, with plans to continue growing the team in all markets.

Nazo Moosa, Managing Partner at Energy Impact Partners said: “Grover has succeeded in pioneering the subscription economy for consumer electronics, a move that is critically important as we build a net zero world. The intersection of society’s linear consumption habits and climate change is an important focus area for EIP, which closed its latest flagship fund at one billion dollars last year. 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.”

As a first mover in the market, Grover’s rapid growth is based on a strategy that capitalizes on growing consumer demand for affordable and sustainable ways to use tech. The subscription platform is accelerating a shift towards access over ownership, and will ultimately realize a circular economy for consumer electronics - keeping e-waste out of landfill and valuable materials in circulation.

Grover’s products are returned, refurbished and recirculated until the end of their usable life. The average product will be circulated to at least four different users over several years. The record holding product is a GoPro that has been circulated 27 times. The company currently has 500,000 items in its inventory, covering the entire consumer electronics spectrum.

About Grover

Grover is the global 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, wearables and smart home appliances 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 the U.S., Germany, Austria, the Netherlands and Spain at 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.

About Energy Impact Partners

Energy Impact Partners LP (EIP) is a global venture capital firm leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over $2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure – and has a team of nearly 70 professionals based in its offices in New York, San Francisco, Palm Beach, London, Cologne and Oslo. For more information on EIP, please visit www.energyimpactpartners.com.

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