Grover lays off employees to reach break-even point

It was only in the spring that the Berlin-based appliance rental company became a unicorn with a valuation of more than one billion euros. Now there have been redundancies.

Berlin-based appliance rental company Grover is laying off a number of employees. This is reported by start-up scene. According to the report, this involves at least 40 employees, i.e. around ten percent of the workforce. This previously comprised around 460 people. The company itself did not comment on the specific figures. A limited reduction in the workforce is necessary due to the "realignment of targets for 2023".

The company now wants to break even. It was only in spring that Grover's valuation rose to over one billion euros. In a Series C financing round in April, the US fund Energy Impact Partners, COI Partners from Frankfurt and a South Korean joint venture fund, among others, invested more than 100 million euros in the start-up. The company itself speaks of a total financing volume of 1.3 billion euros.

Grover has benefited enormously from the coronavirus pandemic, with the number of customers doubling in 2022 alone, according to the company. Founded in 2015, the company offers more than 5,000 products that customers in Germany, Austria, the Netherlands, Spain and the USA can rent via a platform.