This news comes on the heels of its Series C round. It plans to use the funding to develop new tools and financial services. Here are the top-line bullets you need to know.
Grover, a technology rental service provider, has raised $330M in a combination of debt and equity. Its $110M Series C round drew participation from Energy Impact Partners, Viola Group, LG Electronics, and Coparion, among others. Fasanara Capital provided $220M in debt financing.
How’s the company performing?
- Germany-based Grover allows consumers and businesses to rent the latest technology on a monthly basis.
- Its product catalog contains 500K devices.
- It also offers a Grover Card, which rewards its users with 3% cash back that they can put toward their monthly subscriptions.
- Grover currently has around 250K active customers and 2M registered users on its platform.
- The company currently operates across Spain, the Netherlands, the US, Austria, and Germany.
Source: Grover
Why does the market matter?
- The global consumer electronics market is expected to reach a value of $989.4B by 2027, growing at a CAGR of 5.3%, according to Fortune Business Insights.
- The increasing popularity of connected homes and the institution of supportive government policies have contributed to market growth.
- Post-pandemic supply chain recovery will likely have a positive impact on this market.
