Grover, who rents technology by subscription, captures 330 million and is already a “unicorn” | companies

Grover, the German company that rents technology products on a monthly subscription model, has become a new Unicorn. The startup surpassed $1 trillion (919 million euros) valuation by raising 330 million dollars (303 million euros) in a new financing round.

The deal is split into 101 million capital, led by Energy Impact Partners, with backing from Co-Investor Partners, Korelya Capital, Mirae Asset-LG Electronics New Growth Fund, and other existing investors Viola Fintech, Assurant and Coparion , and 202 million debt financing from Fasanara Capital.

With the new round (it has already closed another $1 trillion in July 2021), Grover plans to expand to new countries, increase the number of subscribers in which it already operates (Germany, Austria , Spain, Netherlands and United States) and hire “100+ people” who will join the current team of 460 employees. The company warns, however, that after opening a headquarters in Miami in 2021, the United States will continue to be a priority this year.

Michael Cassau, Founder and CEO of Grover, explains that technology leasing represents a significant social shift that “will transform the way we access and use technology to make it more flexible and sustainable.” They assure that this market moves more than 100,000 million dollars. “Our shared goal is to simplify access to consumer technology and close the technology gap for people around the world,” says Cassau.

Although the company does not provide billing data, it says its annual recurring revenue (ARR) has doubled since 2020. How Grover works is as follows: its products are returned, refurbished and recirculated until the end of their useful life. . On average, they say, the product is in the hands of at least four different users over several years. The user can rent the products for one, three, six or 12 months and, at the end of this period, he can buy the item, return it or continue with a new monthly plan.

The company, which currently has 500,000 items in its inventory, from smartphones and laptops to video game consoles, including virtual reality equipment, connected objects for the home, drones or electric scooters, is looking to accelerate the shift towards access rather than ownership, promoting a circular economy for consumer technology, with which to eliminate a lot of waste. Grover was launched in Spain in May 2021.

Nazo Moosa, Managing Partner of Energy Impact Partners (EIP), calls Grover a “pioneer” in the subscription economy of consumer technology products, and says this is “a hugely important move as we are building a world without net emissions”. “. “The intersection between consumption patterns based on society’s linear economy and climate change is an area of ​​focus for EIP, which closed its latest fund with $1 billion last year.”

.

Leave a Comment