Grover Lands $330M In Equity And Debt For Gadget Subscriptions

Berlin-based Grover, an online platform for renting tech products through monthly subscriptions, announced it raised $330 million in new debt and equity funding.

The financing includes $110 million in a Series C equity round led by Energy Impact Partners, along with $220 million in debt financing from Fasanara Capital. A long list of new and existing investors joined the round, which pushes the company into unicorn territory.

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Grover pitches its offering as an affordable and more sustainable way to use technology. Most products on its platform are refurbished and available for monthly subscriptions typically ranging from $10 to $50. Popular picks include things like MacBook Airs, iPad minis and Samsung S22 smartphones.

The financing comes amid growing environmental concerns around the hazards posed by mounting electronic waste. Many consumers and investors alike are looking for more sustainable ways to indulge our demand for cool gadgets.

Over the past year, we’ve seen several large venture rounds for companies operating businesses around collecting and reselling refurbished electronics. In addition to Grover, other funding recipients include:

Back Market, a Paris-based company offering an online marketplace for refurbished electronics, raised $510 million in a January Series E round.
Swappie, a Finland-based online marketplace for buying and selling refurbished smartphones, raised $118 million in a February Series C round.
Refurbed, a Vienna-based operator of a marketplace for refurbished electronics, raised $54 million in an August Series B round.

Grover, for it’s part, plans to use the latest funding to accelerate its expansion into new countries and growing subscribers in existing markets—Germany, Austria, Spain, Netherlands and the U.S. The company is particularly focused on U.S. expansion, opening offices in Miami last year and laying out plans to hire over 100 people.

Revenue has been rising at brisk clip, with ARR for the past 12 months more than double 2020 levels, per Grover. Total staff now exceeds 450 people.

Illustration: Li-Anne Dias