UK investors back Grover’s €60M funding to boost subscription model in consumer tech for generation rent

Market-leading Berlin-based subscription startup Grover has today secured €60 million (nearly £52 million) in an oversubscribed Series B funding round involving a number of UK investors.

A number of UK investors are involved in the round, including circular economy PE firm Circularity Capital and Augmentum Fintech.

Of this, €45 million (nearly £39 million) came from new investors led by Jonathan Schneider at private equity firm JMS Capital-Everglen along with participation Viola Fintech, Assurant, founders and angel investors from North America and Europe and existing investors, including UK-based circular economy VC, PE firm Circularity Capital, Augmentum Fintech, Samsung Next, Seedcamp and more. Another €15 million (nearly £13 million) came as venture debt financing issued by European growth debt provider Kreos Capital.

Grover will use the funding to increase market penetration, advance product innovation and accelerate international expansion. It will also support its ambitious goals of tripling its subscriptions of 450,000 by the end of 2021. This will help it bring about a more circular approach to consumer electronics.

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