Grover, a Berlin, Germany-based provider of a consumer-tech subscription platform, agreed a new €270m debt financing facility.
The company agreed a new €270m debt financing facility with M&G, the international asset manager.
The company, which has raised €800m in debt funding in Europe and $250m in the USA, intends to use the funds to expand its product inventory to expand its business reach in existing markets such as Germany, Spain, Netherlands, and Austria, and into new European markets.
Led by CEO Michael Cassau, Grover enables people to subscribe to tech products monthly instead of buying them. With the platform, subscribers get access to a wide range of over 5,000 tech products, including smartphones, laptops, virtual reality (VR) gear, wearables and smart home appliances on a flexible monthly rental basis. The service allows its users to keep, switch, buy, or return products depending on their individual needs and budget. As of July 2022, Grover has rented out more than 1million devices. The company currently has more than 800,000 items in circulation covering the entire consumer electronics spectrum.
In this year, the tech subscription platform has expanded in the US, continues to accelerate its embedded finance strategy with the Grover Card and plans to launch a new B2B software tool in the US, the Netherlands, Spain and Austria in 2022.
Grover has also added new high-profile members to its board, including former media executive Joanna Coles, former Klarna Board member Sarah McPhee, former Snap CFO Lara Sweet and Colleen DeCourcy, Chief Creative Officer of Snap.
FinSMEs
28/09/2022