Grover Raises $71 million to Grow its Consumer Electronic Subscription

A Consumer Electronic Subscription startup tapping the concept of a circular economy, and isn’t been bought by the users for outright use has scaled its business over the past few years in Europe and beyond. Grover, a Berlin-based model that runs like a subscription startup where people can set fees to rent for consumer electronics like computers, smartphones, gaming consoles, scooters, has picked up a yearly procured investment of around $71 million.

The fundings are acquired in the form of equity and venture debt, where almost 3/4th of the fund is raised by equity and the rest by the venture. “Now more than ever, consumers value convenience, flexibility, and sustainability when they shop for and use products. This is especially true when it comes to technology and all of the possibilities that it has to offer — whether that’s productivity, fun, or staying in touch with our loved ones,” said Michael Cassau, CEO and founder of Grover, in a statement.

The funding will give the opportunity to the consumer electronic subscription business to scale the possibility of reaching more people across the world. It doubles down on creating a viable instrument for the consumers and push the initiative by introducing innovative technology to let people enjoy and access the virtual platform.

The funding is coming on the heels when the CEO of the Berlin-based startup asserted that the company’s revenue has increased 2.5x times. Its most recent annual report noted that it had 100,000 active users as of September of last year, renting out 18,000 smartphones, 6,000 pairs of AirPods, and more than 1,300 electric scooters in that period.