Grover becomes a unicorn

The Berlin-based start-up rents out tablets, games consoles and drones. It has now raised 330 million US dollars in a financing round.

Berlin-based rental commerce Grover has completed its Series C financing round, exceeding the billion-dollar mark for the first time. In the current round, the company has raised 330 million US dollars in debt and equity capital. The round was led by the US fund Energy Impact Partners. Co-Investor Partners, Korelya Capital and Mirae Asset are also participating. The existing investors Viola Fintech, Assurant and Coperion are also involved. In addition, German Media Pool and Sevenventures are investing in the company. As part of the current round, asset manager Fasanara Capital is expanding the debt financing by a further 220 million dollars.

Founded in 2015, the rental commerce platform offers game consoles, smartphones and drones for rent. "The rapid development towards the rental market for technology products is part of a major change that is shaping our society," says Michael Cassau, founder and CEO of Grover. The way we use technology is currently changing. Grover's customers send the rented products back to the company after use. Grover then refurbishes them and puts them back into circulation. The aim is to reduce the amount of electronic waste.

The Berlin-based start-up is planning to use the new capital to expand into other countries. The company also wants to accelerate its subscriber numbers in existing markets such as Germany, Austria, Spain, the Netherlands and the USA. In the USA, Grover plans to expand its team by 100 employees.