Grover, a market leader in rental commerce for consumer electronics, announced the completion of a bridge financing round in which a total of €50 million was raised. For the first time, the investors in this financing also include Cool Japan Fund (CJF), a public-private fund from Japan. Existing investors such as Energy Impact Partners, Korelya, Augmentum and Circularity Capital have also invested additional capital, thereby reaffirming their continued commitment to Grover’s global growth plans and the company’s mission to make technology accessible to everyone and to make its use more sustainable.
The new growth capital of €50 million enables Grover to further accelerate the transformation towards a circular economy and ensure positive, sustainable company growth. To this end, the company is constantly working to expand its offering in the B2C and B2B sectors. The investment from the Japanese market by Cool Japan Fund in particular underlines that Grover has made a name for itself beyond European borders in recent years.
Linda Rubin, interim CEO of Grover, said: “Since its founding almost 10 years ago, Grover has developed from a pioneer in the rental market into a true and indispensable player. This is reflected in the great trust that our investors and customers have placed in us for years. We are particularly pleased that our business is also inspiring relevant, external investors and that this gives us new opportunities to further develop Grover and further strengthen our market position nationally and internationally. Grover has reached the operational break-even point and, thanks in part to the new capital, can continue to focus on responsible growth across the entire company.”
Since its founding in 2013, CJF has pursued the goal of contributing to the sustainable growth of the Japanese economy. This is done by increasing international demand and offering attractive products and services that reflect the unique Japanese lifestyle and culture. The investor sees Grover as a perfect partner to make Japanese quality technology products accessible to a large group of consumers in a sustainable way. In addition, the investment should help to demonstrably increase Grover’s profitability. With a total financing volume of over €1.4 billion, Grover is considered one of the fastest-growing scale-ups in Europe, employing over 300 people.
Kenichi Kawasaki, CEO of Cool Japan Fund, commented: “We see enormous potential in the subscription-based rental market for consumer electronics and are convinced that Grover, with its range of high-quality products, is the ideal partner to establish this innovative approach to technology use as the first choice for companies and private individuals. In addition, we see Grover as a platform that can effectively convey the uniqueness and innovative power of Japanese products to consumers in Europe. We are pleased to support Grover’s experienced team in its next phase of growth with our investment and thus contribute to a long-term rethink in the use of technology.”
Read the orginal article: https://www.eu-startups.com/2024/07/berlin-based-grover-secures-e50-million-to-make-rental-commerce-lead-the-circular-economy/
