Grover, consumer tech subscription firm, has secured €60 million in an oversubscribed Series B round. The funding will be used to increase market penetration, advance product innovation and accelerate international expansion in support of the company’s ambitious goals of tripling its subscriptions by the end of the year, and driving an industry shift toward a more circular approach to consumer electronics.
The round is made up of €45 million from equity investors and €15 million in venture debt financing. Investors in the round are a combination of existing and new investors. New investors in the round were led by Jonathan Schneider at private equity firm JMS Capital-Everglen, with participations from Viola Fintech, Assurant, as well as a number of founders and angel investors from Europe and North America.
Existing investors coparion, Augmentum Fintech, Circularity Capital, Seedcamp and Samsung Next also invested in the round, amongst others. The €15 million venture debt portion of the round was issued by European growth debt provider Kreos Capital.
Grover will use the new capital to double down on its core purpose of giving people a flexible, sustainable and financially healthy way of accessing tech, with the aim of tripling its subscriptions to a total of 450,000 by the end of 2021 and driving an industry shift toward a more circular approach to consumer electronics.
Grover was advised on the financing round by Osborne Clarke and Jefferies.
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