The circular economy is all the rage, and Grover, a German tech rental and sales company, gets it right. Your investors too. The German company obtains the title of unicorn after a $110 million financing round, which are added to 220 million additional debts that they announce in the same operation. With the collaboration for this Series C from Energy Impact Partners, the company’s goal is to continue to expand its international expansion and circular economy idea.
The United States being the main focus of German technology, Spain is also in the plans of the technology rental company. Specifically in Miami, where, as the company’s founder explains to hypertext, Michael Cassau, “is the natural home of business in the United States and a great center of entrepreneurship” and where much of the new fundraising effort will go. Beyond, of course, the popular Silicon Valley of the west. Prior to opening overseas, Grover opened an office in Spain. With several physical points of sale, among which a corner stands out in the new WOW – a new concept of sale in the capital of which they are particularly proud – their arrival in June 2021 has worked rather well. According to data from the unicorn already present, in Spain it accumulates some 80,000 users and 3,000 products available.
In total, this Glover operation adds to a financing of more than 1,200 million euros since its foundation in 2015. Since then, and in addition to its headquarters in Spain, the United States and Germany, the Grover’s technological circular economy has also arrived in Austria and the Netherlands.
Who is it for? The reality is that Grover targets all sectors. In addition to mobile phones and consumer technology for work, the German technology company wanted to cover all these segments, in addition to entertainment. It is the division of consoles and drones or electric scooters that attracts the most attention. Because everyone needs a phone, but not a drone for weekend gaming.
The costs? Well, it depends on the time and the subscription. Part of the 7 euros, but the reality is that a quick look at their website indicates that you will probably spend a little more. Because it’s a circular economy, yes, but it can’t be given either.
The flea crisis, a problem that suits Grover
2019 was a record year for electronic waste worldwide. 53.6 million tonnes of products that will have no other life. The trend is that this continues to progress. According to all the studies, in 2030 we will have doubled this production of technological waste. Spain, for its part, bears a great deal of responsibility in this process. It is one of the countries that generates the most waste within the European Union and most of its remains are sent to the Third World. Grover, on his way to Spain, wanted to attack precisely this weak point of the country.
However, there is one point that unwittingly affected Grover for the better. The flea crisis, born in China, and which has upset half the planet since the pandemic. The war in Ukraine and the energy crisis have not helped the shortage process that the world is going through. For the company, they explain, it just means better management to get the products on time and in the moment.”
Without chips for cars, Play Station 5 or simply mobiles – Apple itself has been compromised in the launch of its new devices due to the semiconductor crisis – all companies that produce have had to change their processes to adapt to the long queue of pending products that accumulate. Grover, on his product rental mission, is in a good position. Faced with growing demand, temporary rent can be the middle way to get their hands on some products that are currently in the doldrums. The circular economy yes, but on the wave of the greatest scarcity in history.