Berlin-based tech subscription startup Grover announced today that it has closed a new asset-backed financing deal, topping up an existing facility with Varengold Bank to a total of €250 million. The additional funding will fuel the next growth phase for the Circular Economy pioneer.
The new asset-backed funding deal is an increase of an existing €55-million debt facility with Varengold Bank to a total of €250 million, via a supporting debt investor. The transaction brings Grover’s total funding volume to roughly €300 million. The fresh capital reinforces Grover’s position as the European market leader in Consumer Electronics rentals and as a pioneer in the advancement of a Circular Economy for electronics.