Berlin-based unicorn Grover secures over €303 million for its pioneering circular approach to consumer tech
Summary
Europe’s leading consumer-tech subscription platform, Grover, has raised over €303 million in a combination of equity and debt funding, at a valuation of over $1 billion. With Grover, subscribers get access to a wide range of over 3,000 tech products, including smartphones, laptops, virtual reality (VR) gear, wearables and smart home appliances on a flexible monthly rental basis. As a first-mover in the market, Grover’s rapid growth is based on a strategy that capitalizes on growing consumer demand for affordable and sustainable ways to use tech. The subscription platform is accelerating a shift towards access over ownership, and will ultimately realize a circular economy for consumer electronics – keeping e-waste out of landfills and valuable materials in circulation. The intersection of society’s linear consumption habits and climate change is an important focus area for EIP, which closed its latest flagship fund at one billion dollars last year.
Funding
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