Grover raises 60 million euros

The current financing round consists of 45 million euros in equity from investors and business angels and 15 million in debt capital from Kreos Capital. Grover wants to use the money to expand to Spain and the USA.

Grover has successfully closed its Series B funding round: The Berlin-based start-up raised a total of 60 million euros. 45 million came from equity investors, including a number of business angels and existing investors such as Coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next. Leading the round is Jonathan Schneider, who is investing through his private equity firm JMS Capital-Everglen. The €15 million in debt capital comes from Kreos Capital.

The Berlin-based start-up has been renting terminals and other technical equipment to private and business customers since 2015. The longer the rental period, the less the device costs. "With the new capital, we can offer even more people access to these opportunities," says founder Michael Cassau happily. Grover is using the money to expand into new markets such as Spain and the US. It also aims to triple the number of current rentals by the end of the year and invest in new products.

In the Corona pandemic, Grover saw "record demand," according to information from the company. Annual recurring revenue was 60 million in 2020, an increase of two and a half times. Grover has big things in store, "In a global market that turns over trillions annually, we are only at the beginning of our journey," Cassau says.