German tech subscription service Grover raises €60 million
Grover, a German subscription service for consumer electronics, has raised 60 million euros in an oversubscribed Series B Round. The company wants to use the money to accelerate international expansion.
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Tripling subscriptions by the end of 2021
And now it has raised 60 million euros. The majority of this money comes from equity investors, while a quarter is in venture debt financing. Grover says it wants to use the funding to increase market penetration, advance product innovation and accelerate international expansion. The company has set a goal of tripling its subscriptions by the end of the year.
With Grover, consumers and businesses can rent technology instead of buying it. Last year, it experienced record demand, with 2.5 more customers than before, net revenues of 37 million euros and over 4,000 metric tons of CO2 saved thanks to device recirculation. In 2020, the company also became profitable (on EBITDA-level) for the very first time.
Expansion to Spain
Among the company’s plans for this year is further expanding abroad. Grover is currently active in Germany, Austria, and the Netherlands, but this year it also wants to roll out in new markets, including Spain and the US.
This year, Grover wants to expand to Spain.
Additionally, it wants to launch a flat rate tech subscription, an embedded financial service and an enhanced business customer offering. Also, the product portfolio will expand into new categories like connected health and fitness devices, consumer robots and smart appliances.