Grover receives €60 million in Series B funding to expand into the electronics rental market

According to foreign media reports, the German electronic rental platform Grover recently received 60 million euros in Series B financing . Prior to this, Grover had also received a huge amount of financing of 195 million euros , which shows the huge market potential of the platform and the prosperity of the rental market.

Grover, a Berlin-based startup specializing in the rental of cameras, computers and gaming equipment , reportedly saw revenue increase 2.5 times year-on-year to 37 million euros in 2020 , with annual recurring revenue expected to reach 60 million euros in 2021 .

The rise of rental platforms is not surprising, thanks to the rise of home office and the global chip shortage . Last year, due to the lockdown measures taken by the new crown epidemic , more and more people had to work from home, which also led to a serious shortage of webcams , laptops and various electronic products. The current global chip shortage has not been resolved , which has forced people to choose other electronic alternatives.

Currently, Grover has a customer base of more than 300,000 , with eight e-retail online channels in Europe , a business scope covering more than 500 physical stores in Germany , and business relationships with many major e-retailers . The platform conducts leasing business through its own website and retail partners .

Michael Cassau, CEO and founder of Grover , said the new round of financing will be used to expand into Spain and the United States , while also further developing core markets such as Germany, Austria and the Netherlands .

In addition to expanding its business, Grover also plans to launch a flat-rate "technology subscription" service and develop its own products into embedded financial services . These measures will create a more comfortable customer experience for subscribers and enable people and businesses to maximize the pleasure brought by technological innovation .

Cassau added: Today, consumers pay more attention to convenience, flexibility and sustainability when purchasing and using products. Electronic leasing services fully meet these needs. The new round of financing once again proves that Grover's disruptive technology leasing model has huge growth potential in the future.

Germany

Electronic leasing

Grover