# Grover Germany

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/grover-germany

- Industry: Consumer Products
- Headquarters: Berlin, Germany
- Website: www.grover.com
- Total disclosed funding: $179M
- Latest round: Series C (Apr 6, 2022)
- Investors on record: 23

## About

Based in Berlin, Germany, and founded in 2015 by Michael Cassau, Grover Germany GmbH provides a rental platform for electronics. In July 2024, Grover Germany GmbH raised EUR 50 million in growth funding from investor Cool Japan Fund, with participation from Energy Impact Partners, Korelya Capital, Augmentum, and Circularity Capital. Grover Germany GmbH's platform enables customers to subscribe to tech products monthly instead of buying them. The company offers 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. At the end of the original subscription period, the company allows the customer to either buy the product, send it back, or continue on a month-to-month basis. The company refurbishes the returned products to an ‘as new’ condition and recirculates them. When the product reaches the end of its life, Grover’s circular supply chain ensures the materials are reused or recycled. The company generates revenue through rental payments of electronics from EUR 1.9 to EUR 299.90 per month. As of April 2021, the company generated net revenues of about USD 43 million, with USD 71 million in annual recurring revenue. The company plans to focus on product development, customer acquisition, and international expansion. The company plans to grow its business in Germany, Austria the Netherlands, Spain, and the U.S. and to include more product categories, including health and fitness devices, consumer robots, and smart appliances. The company will use the July 2024 funding to advance its global growth plans.

## Funding rounds

- Series C, Apr 6, 2022, $110M — Viola Group, LG Electronics U.S.A., Inc., COI Partners, SevenVentures, German Media Pool, Mirae Asset Venture Investment, Energy Impact Partners, Coparion, Korelya Capital, Assurant Growth Investing, AFIR, Proximity Capital, GPO Fund
- Series B, Mar 9, 2021, $54M — Viola Group, Augmentum, Seedcamp, Circularity Capital, Coparion, neosfer, Samsung NEXT Ventures, Genkiya Group
- Series A, Jul 30, 2018, $14M — Circularity Capital, Coparion, neosfer, Samsung NEXT Ventures, Varengold Bank
- Seed, Oct 8, 2015, $1.1M — Seedcamp, Hannover innovations fonds, Global Founders Capital, KRW Schindler Private Ventures, neosfer
- Seed, May 1, 2015 — Seedcamp

## Investors

- Seedcamp (https://capitalatlas.ai/funds/seedcamp) — Seed, Series B
- Hannover innovations fonds — Seed
- Global Founders Capital (https://capitalatlas.ai/funds/global-founders-capital) — Seed
- KRW Schindler Private Ventures — Seed
- neosfer (https://capitalatlas.ai/funds/neosfer) — Seed, Series A, Series B
- Circularity Capital (https://capitalatlas.ai/funds/circularity-capital) — Series A, Series B
- Coparion (https://capitalatlas.ai/funds/coparion) — Series A, Series B, Series C
- Samsung NEXT Ventures (https://capitalatlas.ai/funds/samsung-next-ventures) — Series A, Series B
- Varengold Bank — Series A
- Viola Group (https://capitalatlas.ai/funds/viola-group) — Series B, Series C
- Augmentum (https://capitalatlas.ai/funds/augmentum) — Series B
- Genkiya Group — Series B
- LG Electronics U.S.A., Inc. — Series C
- COI Partners — Series C
- SevenVentures (https://capitalatlas.ai/funds/sevenventures) — Series C
- German Media Pool (https://capitalatlas.ai/funds/german-media-pool) — Series C
- Mirae Asset Venture Investment (https://capitalatlas.ai/funds/mirae-asset-venture-investment) — Series C
- Energy Impact Partners (https://capitalatlas.ai/funds/energy-impact-partners) — Series C
- Korelya Capital (https://capitalatlas.ai/funds/korelya-capital) — Series C
- Assurant Growth Investing (https://capitalatlas.ai/funds/assurant-growth-investing) — Series C
- AFIR — Series C
- Proximity Capital — Series C
- GPO Fund (https://capitalatlas.ai/funds/gpo-fund) — Series C