Berlin-based start-up Grover has successfully closed its latest funding round, raising USD 110 million in equity and USD 220 million in debt. The financing takes Grover past the billion-dollar valuation for the first time. The Series-C financing round was led by climate tech fund Energy Impact Partners. BDO provided financial due diligence services in this financing round.
Grover GmbH (‘Grover’) - founded in 2015 by Michael Cassau - is the global leader in technology rentals, enabling its subscribers to get access to a wide range of over 3,000 tech products, including smartphones, laptops, virtual reality (VR) gear, wearables and smart home appliances on a flexible monthly rental basis. Grover’s service allows its users to keep, switch, buy, or return products depending on their individual needs. Grover is a pioneer in the advancement of the circular economy; renting out tech products to several users across their life cycle allows maximum value to be extracted from each product and reduces e-waste.
With the freshly raised capital, Grover plans to expand into further countries as well as to increase its subscriber numbers in existing markets such as Germany, Austria, Spain, the Netherlands and the USA.
Energy Impact Partners LP (‘EIP’) is a global asset manager leading the transition to a sustainable future. EIP brings together entrepreneurs and the world's most forward-looking energy and industrial companies to advance innovation. With over USD 2.0 billion in assets under management, EIP invests globally across venture, growth, credit, and infrastructure. Its team consists of nearly 70 professionals based in offices in New York, San Francisco, Palm Beach, London, Cologne and Oslo.
Nazo Moosa, Managing Partner at Energy Impact Partners, says: ‘Grover has succeeded in pioneering the subscription economy for consumer electronics, a move that is critically important as we build a net zero world. 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, and we look forward to working closely with Grover as they move into this next exciting phase.’
Nazo Moosa adds: ‘We very much enjoyed working with the BDO team which was at all times accessible. With their collaborative and pragmatic approach the team was instrumental in the transaction, supporting us in our evaluation of Grover’s financial circumstances. We look forward to working with them again soon.’