Grover raises 60 million euros

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

Grover has successfully completed its Series B financing 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. The round is led by Jonathan Schneider, who is investing via his investment company JMS Capital-Everglen. The 15 million euros in debt capital comes from Kreos Capital.

The Berlin-based start-up has been renting out end devices 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. Grover is using the money to expand into new markets such as Spain and the USA. The aim is also to triple the number of current rentals by the end of the year and invest in new products.

During the coronavirus pandemic, Grover has seen "record demand", according to information from the company. Annual recurring revenue amounted to 60 million euros in 2020, an increase of two and a half times. Grover has big plans: "In a global market that turns over trillions every year, we are only at the beginning of our journey," says Cassau.