Grover is a startup based in Berlin, Germany with a model perfectly fitting in our selection of business cases in the circular economy. Thanks to their electronic monthly subscription, people don’t buy tech items anymore, but they subscribe to use them temporarily deciding the time frame depending on their needs.
Their business model aims to serve the customers with convenience, flexibility and a sustainable solution. Grover is turning hardware into a service model where the payment is detached from the device and more connected with the service that the asset can offer to you when you need it. The subscriptions are starting from just a month and the average rental lasting around 10 months, they offer coverage of damages of 90% on repair costs, at the end of the rental period you can keep renting, send back the device or buy it at any time allowing flexibility.
The company, founded by Micheal Cassau, raised $71 million (€60 million) from new and existing investors in equities and venture debt to scale their business in Europe and in the US.