Grover secures an additional 50 million euros

19 July 2024

Once again, Grover receives a multi-million funding injection from national and international investors. The new capital will be used to increase Grover's profitability and ensure further sustainable growth. New among the investors is the Japanese investor Cool Japan Fund.

Berlin, 18 July 2024 – Grover, the market leader in technology rentals, announces today the completion of a bridge financing, raising a total of 50 million euros. Among the investors in this financing is for the first time Cool Japan Fund (CJF), a public-private fund from Japan. Existing investors, such as Energy Impact Partners, Korelya, Augmentum und Circularity Capital, have also invested additional capital, reaffirming their ongoing commitment to Grover's global growth plans and the company's mission to make technology accessible to everyone and its use more sustainable.

The new growth capital of 50 million euros allows Grover to further accelerate its transformation towards a circular economy and ensure positive, sustainable corporate growth. To this end, the company is continuously working to expand its offerings in both the B2B and B2C sectors. The investment from the Japanese market by CJF underscores especially that Grover has made a name for itself beyond European borders in recent years.

Since its founding in 2013, CJF has pursued the goal of contributing to the sustainable growth of the Japanese economy through the expansion of overseas demand and supply of attractive products and services unique to Japanese lifestyle & culture. The investor sees Grover as a perfect partner to make high-quality Japanese technology products accessible to a large consumer base in a sustainable manner. Additionally, the investment is expected to help demonstrably increase Grover's profitability. With a total financing volume of over 1.4 billion euros, Grover is considered one of the fastest-growing scale-ups in Europe, employing over 300 people.

Linda Rubin, Interim CEO of Grover: "Since its founding nearly 10 years ago, Grover has evolved from a pioneer in the rental market to a true and indispensable player. This is evident in the great trust our investors and customers have placed in us for years. We are particularly pleased that our business also excites relevant, external investors, providing us with new opportunities to further develop Grover and strengthen our market position nationally and internationally. Grover has reached the operational break-even point and, with the new capital, can continue to focus on responsible growth across the company."

Kenichi Kawasaki, CEO at Cool Japan Fund: "We see enormous potential in the subscription based rental-market for consumer electronics. We are convinced that Grover, with its offering of high-quality products, is the ideal partner to establish this innovative approach to technology use as the first choice for businesses and individuals. Additionally, we believe that Grover can be a platform that effectively communicates the uniqueness and innovativeness of Japanese products to consumers in Europe. We are excited to support the experienced team at Grover with our investment in its next growth phase, contributing to a long-term shift in how technology is used."

About Grover

Grover is the global leader in technology rentals, enabling people and empowering businesses to subscribe to tech products monthly instead of buying them. Founded in 2015, Grover’s mission is to make technology more accessible and affordable. With Grover and Grover Business, subscribers and companies get access to a wide range of over 8,000 tech products, including smartphones, laptops, virtual reality (VR) gear, wearables, and smart home appliances on a flexible, monthly rental basis. Once a product rental period has ended, Grover’s service allows its users to return the product free of charge. They can also decide to extend the product rental length or exchange the product for something else. Grover Business even takes care of the tech procurement and management process so that companies can stay focused on growth. Rentals are available in 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 circular economy: Its business model of renting out and refurbishing tech products contributes to devices being used more frequently and for a longer period. www.grover.com

About Cool Japan Fund

Cool Japan Fund was founded in November 2013 as a public-private fund in Japan with the aim of contributing to the sustainable growth of Japan's economy through the expansion of overseas demand and supply of attractive products and services unique to Japanese lifestyle and culture. Cool Japan Fund aims to commercialize the “attractiveness unique to Japanese lifestyle and culture” and increase overseas demand by providing risk capital for businesses across a variety of areas. www.cj-fund.co.jp

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