Grover becomes a unicorn

The Berlin-based start-up rents out tablets, game consoles and drones. Now it has raised $330 million in a funding round.

Berlin-based rental commerce Grover has closed its Series C funding round, exceeding a billion-dollar valuation for the first time. In the current round, the company has raised $330 million in debt and equity. The round is led by US fund Energy Impact Partners. Co-Investor Partners, Korelya Capital and Mirae Asset are also participating. Also participating are existing investors Viola Fintech, Assurant and Coperion. In addition, German Media Pool and Sevenventures are investing in the company. As part of the current round, asset manager Fasanara Capital is adding another $220 million in debt financing.

Founded in 2015, the rental commerce platform offers game consoles, smartphones and drones for rent. "The rapid move toward a rental market of tech products is part of a major shift that is shaping our society," said Michael Cassau, founder and CEO of Grover. The way we use technology is changing right now, he adds. Grover's customers return rented products to the company after use. Grover then refurbishes them and puts them back into circulation. Thus, the number of electronic waste should be reduced.

With the new capital, the Berlin-based start-up plans to expand into other countries. The company also wants to accelerate its subscriber numbers in existing markets such as Germany, Austria, Spain, the Netherlands as well as the USA. In the U.S., Grover plans to expand its team by 100 employees.