Grovera Berlin, Germany-based provider of a consumer technology subscription platform has agreed to a new €270 million debt financing facility.
The company has entered into a new €270 million debt financing facility with M&G, the international asset manager.
The company, which raised €800 million in debt financing in Europe and $250 million in the United States, intends to use the funds to expand its product inventory to expand its business reach across existing markets such as Germany, Spain, the Netherlands and Austria, and in new European markets.
Led by CEO Michael Cassau, Grover lets people subscribe to tech products monthly instead of buying them. With the platform, subscribers have access to a wide range of over 5,000 technology products including smartphones, laptops, virtual reality (VR) equipment, wearables and smart home appliances on a one-to-one basis. flexible monthly rental. The service allows its users to keep, exchange, buy or return products according to their needs and budget. By July 2022, Grover had rented over one million devices. The company currently has over 800,000 items in circulation spanning the entire spectrum of consumer electronics.
This year, the technology subscription platform has expanded into the US, continues to accelerate its integrated funding strategy with the Grover Card, and plans to launch a new B2B software tool in the US, Netherlands, in Spain and Austria in 2022.
Grover also added new high-level members to its board, including former media executive Joanna Coles, former Klarna board member Sarah McPhee, former Snap chief financial officer Lara Sweet and Snap Creative Director Colleen DeCourcy.