Berlin-based Grover, a company that enables people to subscribe to tech products monthly instead of buying them, announced that it has raised $250M (approx €221.43M) in an asset-backed facility from London-based Fasanara Capital.
The announcement follows a $1B in equity and asset-backed debt and equity financing Grover secured in July, and the launch of The Grover Card in partnership with Visa and Solarisbank in early November. The card offers a three per cent return on everyday purchases, which is then turned into Grover Cash rewards, tracked and redeemed against tech subscriptions in the app.
Aims to democratise access to consumer tech
Founded in 2015 by Michael Cassau, Grover aims to create an innovative way for everyone to get the tech they want. To do that, the company enables people and businesses to rent technology on a monthly basis. Grover claims its rental model is sustainable and circulates tech products so that they’re used for a longer period instead of being stored away in drawers.
The platform allows subscribers to select from over 3,000 products and allows them control of the subscription length to maximise affordability. The products include smartphones, laptops, virtual reality (VR) gear, wearables and smart home appliances.