Grover gets 270 million euros

The rental start-up is using asset-backed financing for this purpose. In addition, the Berlin-based company appoints new members to its board.

Berlin-based start-up Grover has raised €270 million. The company, which rents out consumer electronics to private and business customers, is using so-called asset-backed financing from investment firm M&G to do so. In this instrument, Grover contributes, in simple terms, its equipment inventory as collateral to the deal, 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 or VR glasses in flexible monthly subscriptions. In doing so, the start-up says it is helping to avoid electronic waste. 134,000 fewer new devices have entered circulation thanks to Grover, which has led to the saving of 210 tons of e-waste.

"In recent months, we've seen the movement toward rental technology commerce continue to gain momentum," says Grover CEO Cassau: "Consumers are turning to more flexible and sustainable solutions as the cost of living rises. The fresh capital will allow us to serve this growing demand in existing and new markets." Grover now plans to use the money to broaden its product range and also expand into new markets.

Grover will also increase its management board. So television producer Joanna Coles ("The Bold Type"), former Klarna supervisor Sarah McPhee and former Snap executives Lara Sweet and Colleen de Courcy are moving onto the board.