Grover raises €37M Series A to offer latest tech products as a subscription
Grover, the Berlin-based startup that offers “pay-as-you-go” subscriptions to the latest consumer tech as an alternative to owning products outright, has raised €37 million in funding.
The Series A round is led by Circularity Capital LLP — a VC that specialises in the so-called “circular economy” — with participation from fintech investor Coparion, Samsung NEXT, and Varengold Bank. Existing investors, including Commerzbank’s Main Incubator, also followed on.
Noteworthy, the funding consists of €12 million in equity and a new €25 million debt facility. Building an inventory of new tech products to rent is quite capital insensitive, after all.