Berlin-based rental commerce startup, Grover, has successfully closed a €50 million bridge financing round.
A Japanese public-private fund called Cool Japan Fund (CJF) is one of the investors in this funding. Current backers like Energy Impact Partners, Korelya, Augmentum, and Circularity Capital have also contributed more money, demonstrating their unwavering support for Grover’s plans for international expansion as well as its goal of democratizing access to technology and promoting more sustainable use of it.
Grover has secured a growth capital of €50 million, which will expedite the company’s transition to a circular economy and foster positive, sustainable growth. To achieve this, the business is continuously trying to increase the scope of its B2C and B2B offerings. Grover’s recent success in rental commerce gains further proof with Cool Japan Fund’s investment in a market other than Europe.
Linda Rubin, Grover’s interim CEO, stated:
“Since its founding almost ten years ago, Grover has developed from a pioneer in the rental market into a true and indispensable player. This is evident in the immense faith that our clients and investors have had in us over the years. We are especially happy that our company is attracting relevant outside investors, as this presents us with fresh chances to advance Grover and fortify our position in the domestic and global markets. Grover has achieved operational break-even and can maintain its focus on responsible growth for the entire organization, in part because of the additional funding.”
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CJF was established in 2013 to support the long-term expansion of the Japanese economy. This is accomplished by raising demand abroad and providing alluring goods and services that capture the spirit of the distinct Japanese way of life and culture. According to the investor, Grover is the ideal partner to help make high-quality Japanese technology items sustainably available to a wide range of consumers. Furthermore, the investment ought to contribute to a discernible rise in Grover’s profitability. Grover, which employs over 300 people, is one of the fastest-growing scale-ups in Europe with a total financing volume of over €1.4 billion.
Cool Japan Fund CEO Kenichi Kawasaki said:
“We see enormous potential in the subscription-based rental commerce market for consumer electronics. Grover’s high-quality products will make this innovative approach to technology the top choice for businesses and individuals. Furthermore, Grover is a platform we believe can successfully communicate to European consumers the distinctiveness and inventive potential of Japanese products. With our investment, we are happy to assist Grover’s seasoned staff in its next stage of expansion and so promote a long-term reconsideration of technology use.”
