Grover secures a further 50 million euros

Grover has received further financing in the amount of 50 million euros. These funds will be used to increase profitability and further drive sustainable growth.

Berlin, July 18, 2024 - Grover, the market leader in rental commerce for consumer electronics, today announces the closing of a bridge financing raising a total of 50 million euros. Cool Japan Fund (CJF), a public-private fund from Japan, is among the investors in this financing for the first time. Existing investors such as Energy Impact Partners, Korelya, Augmentum and Circularity Capital have also invested further capital, reaffirming their continued commitment to Grover's global growth plans and the company's mission to make technology accessible to all and its use more sustainable.

Grover has reached the operational break-even point and, with the new capital, can continue to focus on responsible growth across the organization.

Linda Rubin, Interim CEO of Grover

Use of funds

The new growth capital of EUR 50 million will enable Grover to further accelerate its transformation to a circular economy and ensure positive, sustainable business growth. To this end, the company is constantly working to expand its offering in the B2C and B2B sectors. The investment from the Japanese market by Cool Japan Fund in particular underlines the fact that Grover has also made a name for itself beyond Europe's borders in recent years.

Since its foundation in 2013, CJF has pursued the goal of contributing to the sustainable growth of the Japanese economy. This is done by increasing international demand and offering attractive products and services that reflect the unique Japanese lifestyle and culture. The investor sees Grover as a perfect partner to make Japanese quality technology products accessible to a wide range of consumers in a sustainable way. In addition, the investment should help to demonstrably increase Grover's profitability. With a total financing volume of over 1.4 billion euros, Grover is one of the fastest-growing scale-ups in Europe and employs over 300 people.

Kenichi Kawasaki, CEO of Cool Japan Fund: "We see enormous potential in the subscription-based rental market for consumer electronics and are convinced that Grover, with its range of high-quality products, is the ideal partner to establish this innovative approach to technology usage as the first choice for companies and private individuals. Furthermore, we see Grover as a platform that can effectively communicate the uniqueness and innovation of Japanese products to consumers in Europe.We areexcited to accompany Grover's experienced team with our investment in their next phase of growth, contributing to a long-term shift in the way we use technology."

Who is Grover

Grover is the rental commerce provider for technology products, enabling people and businesses to subscribe to products on a monthly basis instead of buying them. Founded in 2015, Grover's mission is to make technology more accessible and affordable.

With Grover and Grover Business, subscribers and businesses get access to a wide range of over 8,000 technology products, including smartphones, laptops, virtual reality (VR) equipment, wearables and smart home devices on a flexible, monthly rental basis. At the end of a product's rental period, Grover's service allows users to return the product free of charge. They can also decide to extend the rental period or exchange the product for another one. Grover Business also takes care of the procurement and management process of the technology, allowing companies to focus on their growth.