Grover's latest financing round increases to 100 million US dollars

The electronics rental company has expanded its Series B once again. The Berlin-based start-up has already raised a total of one billion euros.

The current Series B financing round of the sharing start-up Grover has increased from 71 to 100 million US dollars. Grover's investors include the London-based investment companies JMS Capital-Everglen, Augmentum, Seedcamp, Viola Fintech from Israel, the Scottish private equity company Circularity Capital, the Cologne-based VC Coparion and Samsung Next, a subsidiary of Samsung. In total, Grover has raised more than one billion US dollars in debt and equity capital - in addition to the previous financing rounds, also from an asset-backed financing of 850 million euros from London-based Fasanara Capital.

According to the company, this is the largest financing of a start-up in the circular economy to date. Grover rents out technology products on a monthly basis, both for private and corporate customers. The company aims to increase the number of devices rented out to five million by 2024. "We want to offer more people access to technology and at the same time reverse the alarming trend towards more electronic waste," says Grover founder and CEO Michael Cassau. "Because this has serious consequences for the environment. To date, we have already recycled more than 475,000 devices, which corresponds to a saving of more than 1,400 tons of e-waste." Grover is already the market leader in Europe, and now the Berlin-based company wants to become the leading global provider. Grover is active in Germany, Austria, the Netherlands and Spain and plans to expand into other countries at the end of the year.