Grover gets 270 million euros

The rental start-up is using asset-backed financing for this purpose. The Berlin-based company is also appointing new members to its board.

The Berlin-based start-up Grover has raised 270 million euros. The company, which rents out consumer electronics to private and business customers, is using asset-backed financing from investment firm M&G. In simple terms, Grover contributes its equipment inventory to the deal as collateral, but at the same time does not have to give up any shares in the company.

Grover, founded in 2015 by Michael Cassau, rents out devices such as smartphones, laptops and VR glasses in flexible monthly subscriptions. According to the start-up, this helps to avoid electronic waste. 134,000 fewer new devices have come into circulation thanks to Grover, which has led to 210 tons of e-waste being saved.

"In recent months, we have seen the movement towards rental commerce of technology gain further momentum," says Grover CEO Cassau: "Consumers are turning to more flexible and sustainable solutions in the face of the rising cost of living. The fresh capital will enable us to meet this growing demand in existing and new markets." Grover will now use the money to expand its product range and expand into new markets.

Grover will also expand its management board. Television producer Joanna Coles ("The Bold Type"), former Klarna Supervisory Board member Sarah McPhee and former Snap managers Lara Sweet and Colleen de Courcy will be joining the board.