Tech rental company Grover valued at over $1bn after another large fundraise.
Tech-subscription platform Grover has just reached unicorn status after its latest funding round.
The Berlin-based company took on $110m in equity led by Energy Impact Partners, and $220m in debt financing led by Fasanara Capital in the Series C round.
Grover aims to use this money to “accelerate its mission to democratise access to consumer tech”.
This includes growing its subscription base from 400,00 to 2 million across its existing markets in Germany, Austria, Spain, the Netherlands and the US, as well as hiring another 100 people for its US team.
“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,” Grover founder and CEO Michael Cassau said.
“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.”
Over the last 12 months, the company launched in the US, entered the embedded finance world with Grover Card and saw annual recurring revenue more than double from 2020.
“Our joint goal is to simplify access to consumer tech and to bridge the tech gap for people all around the world,” Nassau added.
In a shift towards “access over ownership”, the company aims to realise a circular economy for electronics that will reduce e-waste.
The company’s products are returned after use, refurbished and recirculated until they can no longer be used, with the average product reaching at least four users over the course of a few years.
Energy Impact Partners Managing Partner Nazo Moosa explained the importance of a subscription economy in light of the move to a net-zero world.
“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,” Energy Impact Partners Managing Partner Nazo Moosa said.
“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.”