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Berlin tech subscription start-up Grover closes EUR 250 million funding deal

Wednesday 15 January 2020 | 13:12 CET | News

Berlin-based technology subscription start-up Grover has closed a new asset-backed funding deal. This increases an existing EUR 55 million debt facility with Varengold Bank to a total of EUR 250 million. 

The deal brings total funding raised by Grover to around EUR 300 million. Grover will use the funds to expand its product range and purchase assets in response to growing demand for its services in Germany, Austria and other markets to be launched in 2020. 

The company rents out consumer electronics to customers, giving them affordable access to a range of technology products such as smartphones and tablets. Its business plan aims to rent out devices to several customers across their life cycle, helping to cut e-waste. Grover recirculated around 100,000 devices in 2019, and registered a 200 percent growth rate in active subscriptions and cash revenue. 

 



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Categories: Internet
Companies: Grover
Countries: Germany
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