Circularity leads €37m series-A for Grover

The round saw participation from new and existing investors, including Commerzbank, Coparion, Samsung Next and Varengold Bank. It consists of €12m in equity funding and a €25m debt facility.

The company will invest in marketing activity and product development, as well as pursuing international expansion following the deal.

Circularity partner Andrew Shannon declined to comment on the company's valuation, but told Unquote that Grover has enjoyed rapid growth since its foundation. He added that the business will undertake a phased approach to its international expansion, with a particular focus on the European and US markets.

Shannon said the business anticipates strong organic growth as retailers and consumers move away from traditional "linear" sales.

Company
Founded in 2015, Berlin-headquartered Grover offers consumer tech products including smartphones, smartwatches, tablets, digital cameras and virtual reality headsets on a rental basis. Once a user has rented an item for an extensive period of time, they have the option of purchasing it for €1.

Grover has partnership agreements with online retailers MediaMarkt, Saturn, Gravis, Conrad and Tchibo, which offer rental via Grover as a payment option alongside outright acquisition.

People
Circularity Capital – Andrew Shannon, Jamie Butterworth (partners).
Grover – Michael Cassau (founder, CEO).

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