Grover Gets a Billion
Berlin company Grover is tackling the problem of e-waste by renting out gadgets and tech devices such as mobile phones, laptops, or robot vacuum cleaners rather than selling them new. Not an easy business model for a startup, since all the devices need to be prefinanced and many refurbished after use. But Grover, founded in 2015, is doing so well they recently expanded into the US market. Things are looking promising there, and founder/CEO Michael Cassau and CFO Thomas Antonioli recently hired Chief Investment Officer Linda Rubin, according to FinanceFWD to prepare a so-called SPAC deal. Such Special Purpose Acquisition Companies are lurking in Wall Street and elsewhere to buy up tech startups in a process that is less complicated than a standard IPO. Grover has long since reached operational breakeven and is already renting out half a million devices, mostly to consumers, though B2B is likely to expand. In July 2021 the company secured over $1B (approx €850M) in equity and asset-backed funding. We say: Go Grover!
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