Based in Berlin Groverwhich operates a consumer technology subscription platform, agreed to a new €270 million (approximately $260 million) debt financing facility with an international asset manager M&G.
Grover operates a subscription model that allows people to rent consumer electronics, including computers, smartphones, game consoles and eScooters. The company will use the capital to develop its product inventory to meet customer demand in existing markets, such as Germany, Spain, the Netherlands and Austria, as well as to expand its service into new European markets, according to a Wednesday press release. September 28.
“Technology is a basic human right,” said Grover founder and CEO Michael Cassau in the release. “Grover is moving the world toward digital fluency so people benefit from the experiences that the right technology in the right hands can deliver. Grover allows people to have access to more technology without going into debt. Everyone now needs a hefty technology budget to provide basic access to the digital world. With inflation persisting, this is a demand that many cannot afford, and it is essential that we ensure that access to technology is equitable.
Grover’s customer base has grown more than 50% year-to-date, with demand “particularly strong in the United States and Western Europe, and in the B2B segment,” the statement said.
As Grover’s Chief Financial Officer Thomas Antonioli said PYMNTS earlier this year, the “rent-a-tech” model provides more flexible terms for consumers than alternatives and helps create a more sustainable circular economy.
Read more: Grover’s CFO says Rent-a-Tech is accelerating the shift to a circular and sustainable economy
The company also announced in the press release new members to its board, including former media manager Joanna Coles, former Klarna board member Sarah McPhee, former chief financial officer of Snap Lara Sweet and Snap Creative Director Colleen DeCourcy.
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